South Korea virtual assets legislation congress seminar is held

The parties in financial circles and entrepreneurs of cryptocurrencies will hold a seminar on virtual asset legislation in the national assembly to discuss the right to operate virtual asset businesses on September 22, 2020.

This seminar is jointly hosted by Rep. Kim Byung-wook of the ruling Democratic Party and Delio, sponsored by Korea Cryptocurrency Financial Association(KCFA) and DUCATO. And the Financial Supervisory Service(FSS), Shinhan Bank, KB Kookmin Bank, Bithumb Korea Inc., the law firm BKL, Korea University, the university of Suwon, and Hashed will participate in it.

In this seminar Rep. Kim Byung-wook, who passed the revised bill of the Act on Report and Use of Specific Financial Transaction Information on virtual assets, takes the lead. The parties in financial circles and entrepreneurs of virtual assets are going to diagnose the current status of the cryptocurrency market both at home and abroad, carry out an overall analysis of the Act, and discuss newely applied virtual asset tax law.

Professional advice about the necessity of the legislation on virtual assets for the development of the blockchain industry is expected to be given. The theme of this semiar is 'the legislation on digital assets', and it starts with an opening speech by Rep. Kim Byung-wook, followed by two sessions: the current status of the financial market of blockchain cryptocurrecy, the necessity of the virtual asset legislation and its prerequisite tasks.

The first session deals with the current status of the financial market of virtual asseets and blockchain. Presentations will be made by In-ho, a professor at Korea University, Lee Hae-Bung, Vice Commissioner of the Financial Supervisory Service(FSS), Chang Hyun-ki, Director of Shinhan Bank's digital business division, Kim Seo-joon, CEO of Hashed, and Jung Sang-ho, CEO of Delio.

Next, in the second session the main topic is the necessity of the digital asset legislation and its prerequisite tasks. Presentations will also be made by Cho Jin-seock, Chief of KB Kookmin Bank's IT Innovation Center, Han Sung-hee, Executive Director of Bithumb Korea, a lawyer Koo Tae-unn, Park Jong-baek, a lawyer for the law firm BKL, Ha Tae-hyung, a professor at Suwon University.

The lawmaker Kim Byung-wook said, "Without an appropriate legal framwork, bad money tends to drive out good. I consider that developing a virtual asset market based on blockchain technology will form a virtuous cycle between the blockchain technology and financing. In this regard, I'd like to see social agreements in establishing legal basis for recognizing the market and protecting investors. "

Although the seminar restricts the number of participants to only the persons and media concerned in order to prevent COVID-19 from spreading, it is expected to be recorded and broadcast online for anyone interested in.

Jung Sang-ho, CEO of Delio, said, "I hope this meeting could be an opportunity to produce an effective outcome since both conventional financial firms and cryptocurrency entrepreneurs put as much efforts into enacting a law, after passing the revised bill of the Act on Report and Use of Specific Financial Transaction Information on virtual assets. I also hope that there will be more opportunities to discuss major issues on a blockchain and virtual assets established as the core industry in the post-corona era.

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Source: Delio