[Delio] Delio joins South Korea National Assembly Seminar to discuss digital asset investor protection system establishment | South Korea 5th National Assembly Seminar
Joining hands with the Korean government, Delio CEO James Jung attended the National Assembly Seminar held in Seoul, South Korea, on February 1 to discuss the establishment of the digital asset investor protection system.
Below, we are throwing light on the major issues and the local crypto market’s fate.
- Event: 2023 5th DIUM National Assembly Seminar
- Event Date: 2023. 02. 01 (Wed) 09:00 (KST)
- Speakers:
Hoonjong Baek, Director of Sandbank on ‘Investor Protection Issues from Major Cases such as FTX Bankruptcy’
SeYoung Lim, Attorney at Bae, Kim & Lee on ‘Current Status of Investor Protection in Korea and Legislative Challenges’ - Discussion topic: Establishing a Desirable Digital Asset Investor Protection System
- Debaters:
Junwoo James Kim, Xangle CEO
Hae-bung Lee, Head of Upbit Investor Protection Center
Moon-Seong Oh, Professor at Hanyang Women’s University
James Jung, Delio CEO
A critical time to discriminate cryptocurrencies gems from pebbles
Kang MinKuk, People Power Party Member
Representative of the People Power Party Kang MinKuk, one of the two largest political parties in South Korea, emphasized the need to protect crypto investors, saying that after the Terra (Luna) and FTX debacles, it’s even more important to protect crypto as a future of the financial industry.
The daily trading volume of cryptocurrencies reaches over $1 trillion with over 5 million investors, emphasized that it is a time when it is more important to cover the cryptocurrency industry development, and promised to work on legislation to protect cryptocurrency investors.
Cryptocurrency valuation research should be conducted
Moon-Seong Oh, Professor of Taxation and Accounting, Hanyang Women’s University
Oh Moon-Seong, a professor of tax accounting at Hanyang Women’s University, pointed out the lack of research on cryptocurrency intrinsic valuation and emphasized the need to understand the factors that influence cryptocurrency prices. Such research is necessary to establish standards for the transparent disclosure of information to investors. Professor added that it was also critical of the authorities’ policy of banning initial coin offerings (ICOs). Although ICOs are banned in Korea, cryptocurrencies can be issued overseas and then listed on local exchanges, making it possible for Koreans to trade them.
Cryptocurrency valuation criteria need social consensus
Junwoo James Kim, Xangle CEO
Referring to the WEMIX delisting issue, Junwoo James Kim, CEO of Xangle, said that in order to make an evaluation, the same criteria must be used to make the same judgment, and just as there are financial statements in the stock market, there is a need for common evaluation criteria that everyone can accept across the cryptocurrency market.
For active investor protection, he emphasized that corporate services should be cultivated so that investors can receive various information. In the traditional financial market, accounting firms, appraisers, research centers, and other platforms provide analytical services that are easily accessible to individual investors, so it is necessary to foster related services in the cryptocurrency market.
Cryptocurrency disclosure needs to be institutionalized
SeYoung Lim, attorney at Bae, Kim & Lee Law Firm
Seyoung Lim, an attorney at Bae, Kim & Lee law firm, noted that investor protection must be done through cryptocurrency disclosure.
“The lack of information currently provided by exchanges to investors is our weak point,” he said. “Moreover, there are no penalties for disclosing false information, making legislation essential,” Seyoung Lim added. Lim also emphasized the need to clarify the scope of cryptocurrency coverage in existing financial laws.
Cryptocurrency legislation needs to be crafted with full industry input
Lee Hae-bung, Head of the Upbit Investor Protection Center
Lee Hae-bung, head of the Upbit Investor Protection Center, has argued that cryptocurrency legislation should take its time and allow for full industry input.
The head of the center emphasized that the European Cryptocurrency Legislation (MiCA) has been subject to ample formal and informal consultation since the draft was released in September 2020. He also mentioned that authorities should continue to engage with the industry to ensure that regulations do not stifle local businesses.
Crypto business licensing should be the first step toward investor safety
James Jung, Delio CEO
Delio CEO, James Jung, argued that in order to protect investors in the digital asset space, we must also protect the companies involved in the crypto.
The co-founder of Delio mentioned that if companies are institutionally and reliably protected and fulfill their obligations, the market will be more transparent while offering healthy trading space and high protection tools to investors.
According to Delio CEO, the digital asset market is different from the existing financial market, and separate laws such as the ‘Enforcement Decree of The Act on Reporting and Using Specified Financial Transaction Information’ and ‘Internet Specialized Banking Act’ should be enacted. such as the ‘Internet Banking Act.’
In 2023, the introduction of a Basic law related to the digital asset space remains a major issue.
Delio is at the forefront of legalizing digital assets to improve the crypto space while rating protecting investors as its priority.
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