jakiro
Author: weilin, panews
Recently, the regulatory agencies of South Korea’s virtual assets frequently announced new regulatory developments, and once appeared “reversal” on the news.First, there are rumors of the Internet that the regulators “notify nearly 30 registered exchanges to review more than 600 cryptocurrencies they listed in them” and “will be removed from 16 tokens.”Subsequently, the market was panicked in the large -scale tokens, and the price of related token fell sharply.
On June 18, the South Korean Financial Services Commission (FSC) came forward to clarify that it would not directly participate in the inspection of cryptocurrencies listed on the Korean exchange, which was a self -inspection of the industry.In fact, in order to cooperate with the “Virtual Assets User Protection Law” that take effect on July 19, South Korean cryptocurrency -related regulatory agencies and self -discipline organizations are actively “attacking.”
01 Regulatory agencies establish a “suspicious” activity monitoring system, and review 1,333 virtual assets in 6 months
The latest news is that on July 4, the South Korean Financial Supervision Bureau (FSS) stated in a statement that it is establishing a 24 -hour monitoring system to monitor abnormal cryptocurrency trading activities, and it is recommended that the exchange input the data and information input itSystem to ensure that the “Virtual Asset User Protection Law” is effective on July 19.The statement pointed out that the risk signals include the transaction volume and the price exceeding the normal range, the excessive transaction volume, and the extremely slow execution speed.The Financial Regulatory Bureau stated that one of the goals of this measure is to find an account related to the “suspicious” activity.
This statement is one of the recent series of regulatory dynamics in South Korea. In mid -June, the list of “Korean Mall Market Coins, which may be delisted in June” in major virtual currency communities and social media in South Korea, involving 16 tokensAs a result, the price of about half of the listing currency in the Han Dynasty market plummeted.At the same time, it is reported that the regulators notified nearly 30 registered exchanges to review more than 600 cryptocurrencies.
However, on June 18, the South Korean Financial Services Commission (FSC) clarified that they would not directly participate in the inspection of cryptocurrencies listed on the Korean exchange.
Soon after July 2, the alliance Daxa, consisting of the five major cryptocurrency exchanges of South Korea, announced that it launched a six -month re -evaluation plan of 1,333 digital assets.Daxa said that in order to cooperate with the implementation of the “Virtual Assets User Protection Law”, the “Virtual Assets Transaction Support Self -discipline Management” will be formulated, which will be officially implemented on the 19th of this month with the “Virtual Asset User Protection Law”.For 1333 virtual assets, the exchanges will be retrial of virtual assets from 6 months from the beginning of the implementation day.The formulation of self -discipline management was conducted in accordance with the requirements of regulatory authorities such as the Financial Commission and the Financial Supervision Institute, and collected the opinions of experts.
Under the influence of this re -evaluation plan, 29 cryptocurrency trading platforms, including Upbit, Gopax, and Bithumb, will evaluate whether its listing tokens meet the requirements of new regulations. These regulations will also be used as the benchmark for future tokens.
In addition, for overseas virtual assets, the alliance plans to implement a more flexible “replacement review plan”. If it trades in a qualified overseas virtual asset market for more than 2 years, some review conditions will be applied.DAXA is currently determining qualified foreign exchanges, including exchanges recognized by the International Securities Council (iOSCO).
02 Korean “Virtual Asset User Protection Law” will take effect
The “Virtual Asset User Protection Law”, which will take effect on July 19, aims to protect virtual asset users and establish a healthy market order.The “Virtual Asset User Protection Law” defines the definition of virtual assets and the elimination object of virtual assets, and stipulates the obligation to store and manage user deposits and virtual assets in safe storage and management of virtual asset operators.
Specific contents include: Except the object of virtual assets (CBDC “issued by Bank of Korea is not included in the range of virtual assets); stipulated that virtual asset business operators should separate the user’s deposits from their own property, deposit or custody, and custodyIn the management agency, such as banks, it is stipulated that virtual asset operators need to save more than 80%of user deposits in cold wallets to protect user funds and participate in insurance plans in order to make potential compensation for users when security vulnerabilities occur.In addition, the use of unlimited major information, manipulating market prices, and fraudulent trading behavior are defined as unfair trading behaviors in box transactions.Disposal users’ access to virtual assets requires virtual currency exchanges operators to monitor abnormal transactions in the virtual asset market at any time, take appropriate measures, and notify the competent financial department, and so on.
For users, the strongest protection is that when the virtual asset enterprise bankruptcy or the registration of industrial and commercial registration is canceled, banks as management institutions will announce the deposit payment time and place on the newspaper and websiteAfter confirming the virtual asset operator, pay the deposit directly to the user.
On the basis of these contents, the bill clarifies the establishment of the Virtual Assets Commission.On June 18, the South Korean Financial Commission’s proposal to set up a new virtual assets committee passed the State Conference.With the formal organizationalization, a total of 12 employees turned into the official position and added five -level civil servants responsible for artificial intelligence in the financial field.The asset committee will temporarily operate and be responsible for establishing the management and supervision of the order of virtual asset market and user protection.At the same time, the Virtual Assets Commission also plans to actively respond to unfair transactions of virtual assets and conduct sanctions such as fines and criminal prosecution.
From the background of the “Virtual Assets User Protection Law”, South Korea has the “Amendment to the Protection Law of Specific Financial Information” from the perspective of anti -money laundering in 2021. It introduces a review system for virtual asset practitioners.However, in terms of protecting users, legislators believe that the law still has some room for progress. Therefore, the discussion of virtual asset legislation is very active with parliamentarians.In April 2023, the legislators reached an agreement to formulate the “Virtual Asset User Protection Law” focusing on the most urgent user protection.Since then, the two sides have reached an agreement on the gradual and phased improvement of legislative matters.
03 Korean Macra Q1 Cheng’s most active cryptocurrency trading currency in the world, the new legislative market has different influence views
The importance of the Korean cryptocurrency market is increasing day by day.In the first quarter of 2024, Han won the world’s most active trading currency of crypto assets, exceeding the dollar.According to data from the research company Kaiko, in the first quarter of 2024, the cumulative transaction volume of the Korean Mall at the centralized cryptocurrency exchange was US $ 456 billion, and the US dollar transaction value was US $ 445 billion.
The growth of the Korean Mall for pricing transactions is part of the result of the continuous cost war on the Korean exchange.Small exchanges such as BITHUMB and Korbit have recently launched zero -cost transaction promotion activities to attract Upbit traders. UPBIT occupies a dominant position in the local market, and the market share of spot transaction volume exceeds 80%.
In South Korea, users are biased towards cottage transactions with smaller market value and fluctuations, not more mainstream cryptocurrencies such as Bitcoin and Ethereum.On average, transactions involving smaller market value tokens account for more than 80%of all South Korea’s activities.
At the same time, encryption activities are attracting more attention of young Korean people.A recent survey shows that more and more young Koreans use cryptocurrencies and stocks as a replacement investment option for retirement. More than half of the agents from 20 to 39 years of age do not trust the national pension system.It is worth noting that about 7%of the election candidates have digital assets in their asset disclosure.
Now, the new legislation marks that Korean virtual asset supervision has entered a new stage.For the new legislation, Lee & AMP; KO Seoul Law Firm Senior Lawyer and Partner Matt Younghoon Mok said that the guidance policy of the Korean Institute of Finance may constitute a major challenge to the cottage currency that cannot quickly meet the regulatory requirements.
However, the alliance Daxa composed of the five major exchanges mentioned above explained: “The main exchanges have adopted the main review items in advance, and the re -examination based on the new self -discipline management standards will be carried out within 6 months.Therefore, it is unlikely that a one -time large -scale delisting. “
At the same time, the implementation of the implementation of the “Virtual Assets User Protection Law” in the Korean industry may enhance the competitiveness of the domestic virtual asset market and hold an optimistic attitude.Yin Changpei, a researcher at the UPBIT Investor Protection Center, said: “You must look at the impact of regulatory measures from a long -term perspective. The increase in liquidity may not be seen in the short term.” He added: “The core of the” Virtual Asset User Protection Law “isStrengthen the stability of the market, focus on protecting virtual asset investors and expand market stability, and may promote enterprise expansion and innovation increase in the future. “
Jin Mingyun, Minister of the Eastern Procuratorate of the former Seoul, said that with the exponential growth of the scale of cryptocurrency transactions, various side effects and related crimes are increasing.For example, PICA equivalent of 90 billion won of virtual asset price manipulation cases, 580 billion won of unprocessed illegal virtual asset exchange operation cases, and Haru Invest deposit cases of 1.4 trillion won.When dealing with the above cases, it is mainly applied to the provisions of the criminal crime in the Criminal Law or violated the provisions of the “Amendment of the Specific Financial Information Protection Law”, but it is difficult for the existing law to cover the transaction relationship of the special field of virtual assets. Therefore,There are some shortcomings when solving problems.Due to this special nature, in order to prove criminal suspicion related to virtual asset transactions, such as the cause and effect relationship between fraud, the existence of fraud, errors and punishment behaviors, investigating authorities need to invest more efforts and time than other cases.
“Some people think that the implementation of new laws will cause virtual asset transactions to shrink, such as prohibiting ‘Market Making (MM) (MM), cold wallets (offline wallets isolated from the Internet), real -time monitoring of suspicious transactions and reporting to the financial authorities.Waiting for regulations.
