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Democratic Party presidential candidate Lee Jae-myung emphasized that the possibility of issuing real-name bank accounts to small and medium-sized cryptocurrency (virtual asset) exchanges should be left to the market’s autonomous competition.
On the 19th, Democratic Party presidential candidate Lee Jae-myung answered the question of <News 1> at a meeting with the representatives of the four major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, and Korbit).
As the Amended Act on the Reporting and Use of Specific Financial Transaction Information (Special Act) came into force in March last year, businesses dealing with cryptocurrencies (cryptocurrency exchanges, cryptocurrency wallet companies, etc.) The business had to be reported to the Analyst (FIU) under certain conditions.
Among them, in the case of cryptocurrency exchanges, a real-name account at a bank was absolutely necessary to trade cryptocurrency in KRW, but currently only the four major exchanges have a real-name account. In the case of Upbit, it entered into a transaction contract with K-Bank, in the case of Korbit with Shinhan Bank, and in the case of Bithumb and Coinone, with NH Nonghyup Bank.
About 20 small and medium-sized exchanges, except for the four major exchanges, are unable to secure real-name accounts. They cry and eat mustard to run their business, so they end the operation of the won market and support only cryptocurrency transactions (such as buying and selling cryptocurrencies with Bitcoin and Tether).
In the case of the cryptocurrency market, the procedure is more complicated than that of a KRW transaction and an additional (KRW) exchange fee is incurred, so the use rate of investors is low. In response, small and medium-sized exchanges are appealing to the threat of survival and appealing to the financial authorities to issue real-name accounts.
Candidate Lee answered, “Basically, I think the market should be respected” when asked about his intention to issue real-name bank accounts to small and medium-sized cryptocurrency exchanges. This is interpreted to mean that the issue of real-name accounts by commercial banks should be done through coordination among market stakeholders, rather than forcing politicians to issue real-name accounts.
Candidate Lee said, “I think autonomous competition is the most important factor in the market.” “I think it would be good to create a situation where people can compete autonomously as long as there is no chaos, disturbance, inefficiency, and excessive competition.” ‘ he added.
Meanwhile, at the opening speech of the event, Candidate Lee introduced, “Cryptocurrency has become a global financial economy that cannot be ignored,” and promised, “We will support the domestic cryptocurrency industry to gain an edge in the global market.”
Candidate Lee explained, “If the Joseon Dynasty had a culture that respected science and technology early and had a culture that respected science and technology, it would not have been invaded by Japan.” There could be a situation of isolation policy that refused to do so,” he compared.
Candidate Lee continued, “The economy is in the stage of transitioning from the real economy to the financial economy and then to virtual assets. The virtual asset market is a real market, and ignoring this does not mean that it disappears, only opportunities are lost.” “To stay ahead of the competition, we need to continue to access the virtual asset market,” he said.
Candidate Lee wrote in the guestbook of the event, ‘You must be able to see the invisible to advance into the future. I am cheering you on.”
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