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Scope of application of real-name account conditions

Relevant persons from the Korean Financial Supervisory Service, Financial Information Analysis Institute, legal circles and exchanges attended the expert discussion on the amendment to the "Special Gold Act" that day. Among them, Wu Heshi, the team leader of the Institute of Financial Information Analysis, received widespread attention from the participants. Because the Financial Information Supervisory Service will be responsible for formulating the "virtual asset operator declaration conditions" that affect the life and death of the entire industry.

The industry has lamented the "obtaining a real-name verification deposit and withdrawal account" among the necessary declaration conditions for virtual asset operators. Huang Shunhao, head of the external cooperation team of DUNAMU, said, "The real-name verification account is a regulatory regulation formulated when cryptocurrency speculation is in full swing." Lee Dong-wook, a lawyer at Dongren Law Firm, said, “According to the amendment, business declarations can only be made after obtaining a real-name verification account, but this is not the only way to prevent money laundering (AML),” and “exceptions should be set.” .

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Treat virtual assets and blockchain industry separately

The focus of the amendment to the "Special Gold Law" is more on restricting and supervising the industry than on supporting the development of the industry. Moreover, some regulations are too high for small and medium-sized enterprises in the industry, causing many enterprises to face survival crises. Lee Jeong-yeop, president of the Korea Blockchain Law Society, said, “I can’t help but think, should some exceptions be made in the implementation rules to lower the threshold for small and medium-sized enterprises to enter the industry and promote the active development of the industry’s ecology”? I am worried that the amendment will blindly restrict the development of the industry and hinder the development of the industry.

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Can an ICO operator obtain a license to operate?

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trust is the most important

After the amendment to the "Special Gold Act" takes effect, it is expected that the domestic virtual asset industry in South Korea will undergo a large-scale reshuffle. At that time, only enterprises that meet the statutory operating conditions for virtual assets can survive, and the rest will be forced to withdraw from the market and face a crisis of survival. Therefore, some people worry that some companies that know that there is no hope of continuing to operate may absorb more user funds in advance, and then file for bankruptcy in a planned way.

JOIND Kwon Seona reporter kwon.seona@joongang.co.kr

JOIND Kwon Seona reporter kwon.seona@joongang.co.kr