Three years have passed since the so-called’Park Sang-hee’s Difficulty’, which greatly retreated the domestic blockchain industry in 2018. Despite the government’s’no use’, the cryptocurrency market has grown rapidly, and its perception in the global market has changed significantly.
However, on the 22nd, the Korean government’s policies and attitudes have not taken a step further than three years ago, enough to remark in the National Assembly that “virtual currency is not an acceptable currency and cannot be a target of investor protection.”
A substantial’market’ has been created, with the scale of cryptocurrency transactions overtaking the KOSPI, but the government still treats ghosts as saying’nothing’.
Experts advise that governments, which are still confused, should start with acknowledging cryptocurrencies.
◇I have to make laws and systems, but… “Cryptocurrency recognition and consensus formation should be prioritized”
Cryptocurrency experts contend that there are many things that need to be done before creating laws and institutions that have begun discussions in the political world after the remarks of Chairman Eun.
Park Seong-joon, head of the Blockchain Research Center at Dongguk University, said, “Since the so-called Park Sang-hee’s scourge in 2018, the Korean government’s position to deny the existence of cryptocurrency itself has not changed over the course of four years from the remarks of the financial committee chairman Eun Seong-soo.” It should start with acknowledging that,” he said.
Earlier in 2018, after Park Sang-hee’s rebellion, a national petition titled “Opposition to the regulation of virtual currency – has the government ever made people dream of a happy dream at least once?” and obtained the consent of 200,000 people in the Blue House petition.
At the time, he was in charge of the State Affairs Coordination Office and said, “The basic policy of the government is to prevent illegal activities and opacity in the process of virtual currency transactions and actively foster blockchain technology,” said Nam-ki Hong, Deputy Prime Minister of Economy and Finance and Minister of Strategy and Finance. He said, “We are placing the top priority on making virtual currency transactions transparent within the boundaries of the company.”
“The government promised, but nothing has changed in the past three years,” said the head of the center. “In a situation where the Financial Services Commission never recognizes and denies cryptocurrency (as Chairman Eun said), it is meaningless to talk about laws and institutions. “I shook my head.
Kim Hyung-joong, a professor at Korea University’s Graduate School of Information Security (Cryptocurrency Research Center), said that “the national consensus (consensus) has not yet been achieved to improve the system or laws related to cryptocurrency in Korea.”
Professor Kim said, “The reason is that there have been so many stories that cryptocurrency is fraud and buying cryptocurrency is speculation. Suddenly, there may be problems if the political world calls out to institutionalize cryptocurrency.” It is said that the (TF) was created, but it must be done from the political world to change public opinion through such a TF,” he said.
◇”Protection of cryptocurrency investors, it is also possible with the current law… FTC and Korea Communications Commission must also come forward”
Some pointed out that even before the establishment of a cryptocurrency law and system, government ministries such as the Fair Trade Commission and the Korea Communications Commission should step forward.
“The government has been neglecting the reality that trillions of money is coming and going right now,” said Koo Tae-eon, lawyer of the Law Firm. “There are already so many problems that the Finance Committee chairman exchanges questions and answers with members of the National Assembly at the National Assembly, and already exists. “There are many things possible to protect investors through laws and government departments, but they do nothing and abandon their jobs,” he pointed out.
Attorney Goo said, “If the Financial Services Commission does not view cryptocurrency as a financial investment product as it is now and will not regulate it, there are many ways to protect cryptocurrency as a general product.” In addition, he should have raised issues against the Chairman of the Korea Communications Commission, the Chairman of the Fair Trade Commission, and the Minister of Science and ICT.”
“There are only four laws under the Fair Trade Commission such as the Electronic Commerce Consumer Protection Act, the Terms and Conditions Regulation Act, the Door-to-Door Sales Act, and the Fair Trade Act, and cryptocurrency exchanges are subject to the Telecommunications Business Act, so the Korea Communications Commission also has jurisdiction. “If you have the will, you can also protect cryptocurrency investors by penalizing penalties for problems such as embezzlement or pumping, even with the current law,” he explained.
◇”Create a proper ecosystem through cryptocurrency laws and institutions, and industry promotion”
In addition, experts argued that the government should move toward building trust in cryptocurrency through industry activation rather than regulation along with recognition of the cryptocurrency ecosystem. It is the logic that’positive painting’ should build’bad painting’.
Professor Kim Hyung-joong said, “There is a talk that we need to modify the cryptocurrency disclosure system to protect investors, but it will not be very helpful to protect investors.” Losing and rushing people’s investment here will lead to investor protection.”
Park also said, “After the government recognizes cryptocurrency, it should lead to a policy that fosters and revitalizes related industries.” “You just need to promote common-sense measures to foster a healthy financial ecosystem.”
Currently, the status of cryptocurrency has changed, and among advanced countries, few countries have a market economy and prefer technology innovation to prohibit cryptocurrency. Even based on the G20, Turkey and India are the only ones.
Attorney Koo said, “In most developed countries, we are applying the existing laws under their own inclusive legal system, but like France, we are promoting by creating a new system altogether,” and “Korea is the only one who treats and ignores the cryptocurrency ecosystem as if it did not exist.” He expressed his regret.
