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서울시 서울시 서울시
  • Subject Seoul Financial Hub
  • Purpose Expert Panel Discussion and Proposals for Improvement on Domestic and International Financial Environment and Financial Policies in 2024
  • Venue One IFC 16F
  • Contents

Seoul Financial Hub organized '2024 SFH Connect Seoul Financial Innovation Forum' 

The theme of the third debate is

"​Current Status and Future Development Direction of Korea's Virtual Asset Industry"

Professional panelists discussed the Current Status and Future Development Direction of Korea's Virtual Asset Industry, and provided opinions on issues for adoption and promotion with various perspectives and deep insights.

The video of the third debate is available on Seoul Financial Hub's YouTube channel.

Click the title below to go to the video for that content.

▶ 2024 SFH Connect Seoul Financial Innovation Forum 3 [Korean]

▶ 2024 SFH Connect Seoul Financial Innovation Forum 3 [English]

Thank you.

2024 SFH Connect Seoul Financial Innovation Forum Topic III Current Status and Future Development Direction of Korea's Virtual Asset Industry Choi Soo-Hyun Chair Professor, Kookmin University Lee Jeong-Doo Senior Research Fellow, Korea Institute of Finance (KIF) Lee Hae-Boong Head of Upbitcare, Dunamu (Upbit) Cho Jin-Seok CEO, Korea Digital Asset (KODA) Charles Choo Senior foreign attorney, Eje law
Current status of domestic virtual asset industry 29 out of 37 reported virtual asset business operators 22 exchanges, 7 wallet/custodian operators, total number of exchange employees: 1,665 Total operating profit of 269.3 billion won in the second half of 2023, KRW 4.9 trillion in won deposits Domestic virtual asset market capitalization Graph : 21년 말 55.2조원, 22년 6월 말 23조원, 22년말 19.4조원, 23년6월 말 28.4조원, 23년 말 43.6조원. Average daily transaction amount Graph : 21년 하반기 11.3조원, 22년 상반기 5.3조원, 22년 하반기 3.0조원, 23년 상반기 2.9조원, 23년 하반기 3.6조원. Total operating profit of virtual asset business operators Graph : 21년 하반기 1.64조원, 23년 상반기 0/63조원, 22년 상반기 0.12조원, 23년 상반기 0.23조원, 23년 하반기 0.27조원. Won Deposit Graph : 21년 말 7.6조원. 22년 6월 말 5.9조원, 22년 말 3.6조원, 23년 6우러 말 4.0조원, 23년 말 4.9조원 (Data: FIU, Results of the virtual asset business operator survey in the second half of 2023)
Key contents of the Virtual Asset User Protection Act 1. 총칙 조문 1목적 : 이용자 자산 보호와 불공정거래행위 규제 등 2정의 : 가상자산, 가상자산사업자, 이용자, 시장 3국외행위에 대한 적용 : 해외 ICO 등 외국 행위 규제 4다른 법률과의 관계 : 자본시장법 및 특정금융정보법 등 우선 적용 5가상자산 관련 위원회의 설치 : 금융위원회 자문기구 2. 이용자 자산의 보호 조문 6예치금의 보호 예치금 별도예치 등 7가상자산의 보관 분리 보관, 실물 보유, Cold Wallet, 외부 위탁 8보험의 가입 등 책임 이행 확보 9거래기록의 생성 보존 및 파기 거래 종료 후 15년간 보존 3. 불공정 거래의 규제 10불공정거래행위 등 금지 미공개중요정보, 가상매매, 시세조종, 부정거래 등 11가상자산사업자의 임의의 입출금 차단 금지 손해배상책임 12가상자산에 대한 감시 가상자산거래소의 이상거래 감시의무 13집단손소 중첩집단손해배상에 따른 집단소송 허용 4. 감독 및 처분 13가상자산사업자의 감독 검사 등 금융위의 감독 및 검사, 필요적 조치명령 등 14불공정거래행위에 대한 조사 조치 금융위 금감원의 조사 및 조치권한 15가상자산사업자의 조사 조치 금융위의 조사권한 및 절차 16금융당국의 자료제출 요구 5. 벌칙 17불공정거래행위에 대한 과징금 이익 또는 회피손실의 2배, 40억원 이하 18권한의 위탁 금융위원장이 금감원장 위탁 19, 20, 21, 22 19벌칙, 20출자출연, 21양벌규정, 22과태료 서울마이서울, 서울파이낸셜허브, 서울국제금융오피스
Development direction of Virtual Asset Industry Discussion on the direction of digital assets in general, including virtual assets 2017.12. Whether to maintain or amend the policy of a blanket ban on virtual asset ICOs, etc. Discussion of industrial law based on social consensus on whether to promote-manage-prohibit Policy discussion considering the forest (digital asset ecosystem) rather than the trees (virtual assets) Considering domestic issuance of domestically distributed virtual assets and ways to attract foreign capital and technology 2024.02. Naver affiliate platform Finasia (located in Dubai) and Klaytn (located in Singapore), a Kakao affiliate platform, decided to merge and plan to establish a merged foundation in Abu Dhabi, UAE Considering various factors such as domestic user protection, industrial support, and fostering related technologies Competitive Race-to-the-Bottom Deregulation is Hard to Sustain Efforts and opportunities to prove the value of virtual assets The real economic utility of virtual assets has not been proven, but it takes time and opportunity. There is a need to provide a limited area test-bed that can prove the social value of virtual assets through various experiments. (Operation based on the principle of autonomy and user responsibility under minimal management) Flexible design considering types of virtual assets, investor classification, domestic and foreign individuals, corporate types, etc.
Implications and Key Suggestions Lee Hae-Boong Head of Upbitcare, Dunamu (Upbit) Accountability is important I think that Accountability, that is establishing voluntary accountability and transparency is very important in the virtual asset industry. Accountability refers to the ability to fulfill legally assigned duties and responsibilities, and clearly and confidently explain the process. When transparency and accountability are supported, I think the virtual asset industry in the Republic of Korea can be trusted and make a leap forward as a global leader. Cho Jin-Seok CEO, Korea Digital Asset (KODA) Allowing corporations to invest in virtual assets and resolving institutional uncertainty In terms of global business, the virtual asset industry has the potential to develop into various industries beyond a simple investment vehicle. I think the biggest obstacle to the development of the virtual asset industry in Korea is the ban on corporate virtual asset investment. Corporate virtual asset investment should be permitted, and institutional ambiguity should be resolved. Also, I think that global virtual asset companies can emerge in Korea only when various regulations are resolved.
Implications and Key Suggestions Lee Jeong-Doo Senior Research Fellow, Korea Institute of Finance (KIF) An autonomous virtual asset market must be established If the virtual asset industry does not have a significant negative impact on financial stability, we should give opportunities for various experiments within the virtual asset market. I think that creating an autonomous market environment that allows various virtual asset services in the market and regulating only those areas that require regulation can help the long-term development of the industry. I think that we need a place where virtual assets can develop while proving how they can contribute to the real economy in the future. Charles Choo Senior foreign attorney, Eje law Policy authorities need to be cautious about deregulation Policy authorities should consider the risks of the virtual asset market compared to its utility. Since virtual assets are still exposed to various risks, it is necessary to consider whether easing regulations on the virtual asset industry is really for the benefit of investors. Also, in the event of virtual asset fraud, investors must prove the fact of the damage, so I think careful investment is necessary.
Implications and Key Suggestions Choi Soo-Hyun Chair Professor, Kookmin University Hope that Korea will become a global leader in virtual assets. I think that if the virtual asset related bill is implemented, it will greatly contribute to the development of Korea's virtual asset industry. The policy authorities should thoroughly crack down on virtual asset fraud. I also think that virtual asset users should carefully understand virtual assets before investing and invest carefully. In addition, Korea's ICT technology is world-class. I hope that Korea will leap forward as a global leader in the virtual asset industry based on its excellent ICT technology.
 

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