In the process of transmitting and processing virtual assets (cryptocurrency), a bill has been proposed to indemnify the operator if damage occurs to the user.
Together with Democratic Party lawmaker Yang Gyeong-sook, he announced on the 23rd that he had proposed a’virtual real estate transaction law’ that stipulates the obligations of virtual asset operators and prohibits unfair transactions.
The enactment of the Virtual Asset Transaction Act contains Δthe obligations and user protection of virtual asset business operators ΔUnfair trade prohibition and supervision ΔRelevant organizations ΔPenalty provisions.
Specifically, a corporation that intends to run a virtual asset transaction business, storage management business, wallet service business, and issuance business must obtain approval for the virtual capital industry in accordance with financial soundness and human and material requirements.
The business operator had to separate deposits of virtual assets from proprietary assets, deposit them separately, and submit business reports on a regular basis. Important matters, fee standards, and terms and conditions of the disclosure documents must be disclosed, and the user must be notified of the terms of the contract, risk factors, dispute settlement procedures, and matters concerning the business operator’s liability for damages.
In the event of damage to the user in the process of electronic transmission or processing, it is also noteworthy that the operator has to take responsibility for compensation and verification for damages, thereby greatly enhancing user protection.
In relation to the transaction of virtual assets, it also contains regulations on imprisonment for one year or more or fines for unfair trade practices such as the use of undisclosed material information and market price control. It also regulated the payment of rewards for reporting unfair trade practices.
The Financial Supervisory Service supervised the compliance of the order to the business operator, and the Financial Services Commission made it possible to take corrective orders, cautions, and warnings if there was a risk of damaging users.
Rep. Yang said, “In a word from Elon Musk, Tesla’s CEO, the virtual asset panic phenomenon is due to the instability of the virtual asset market due to the lack of institutional infrastructure.” Accountability” he explained.
