Thu, July 04, 2024 at 08:15

• 

  Kang-hoon

  • Hello Annie, today I want to discuss the Virtual Asset User Protection Act, which will be enforced this month.

  • It's already causing quite a stir.

  • 
• Annie

  • Oh, interesting!😊 What exactly is causing the controversy?

  
• 

  Kang-hoon

  • The main criticism is that the law focuses too much on preventing coin price manipulation, insolvent listings, and unprincipled delisting under the guise of 'user protection'.

  • It neglects other significant issues.

• Annie

  • Hmm, like what other issues?🤔

  
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• 

  Kang-hoon

  • One major issue is the allowance of corporate accounts on crypto exchanges.

  • The industry believes it's high time legal entities are allowed to open accounts.

• Annie

  • Why is that such a big deal?

  
• 

  Kang-hoon

  • Currently, companies engaged in coin-related businesses cannot open accounts as legal entities.

  • They have to use individual accounts, which can lead to illegal activities.

• Annie

  • Wow, that sounds problematic.😮 How did this issue come up?

  
• 

  Kang-hoon

  • When the Cryptocurrency User Protection Act passed through the National Assembly last year, the Standing Committee on Political Affairs gave eight negative opinions.

  • They required financial authorities to report on these issues before the law's enforcement.

• Annie

  • Did the financial authorities respond to these concerns?

  
• 

  Kang-hoon

  • Unfortunately, on the three most important items, including corporate accounts, the regulators did not submit comments for review.

  • They said they would report later.

• Annie

  • That's disappointing.😕 What are the implications of not allowing corporate accounts?

  
• 

  Kang-hoon

  • It forces companies to use individual accounts, often under second names, which can facilitate illegal activities.

  • This contradicts the basic framework of anti-money laundering.

• Annie

  • So, it's actually making things worse?😲

  
• 

  Kang-hoon

  • Yes, exactly.

  • A cryptocurrency lawyer mentioned that by not allowing corporate accounts, financial authorities are inadvertently facilitating illegality.

• Annie

  • That's quite a serious accusation.

  • What do the exchanges and related companies think?

  
• 

  Kang-hoon

  • They had high hopes that corporate accounts would be allowed after the enforcement of the Virtual Asset User Protection Act.

  • 

  • However, the financial authorities have once again ignored the market's needs.

• Annie

  • It sounds like a lot of frustration is building up.😤 What do you think will happen next?

  
• 

  Kang-hoon

  • If the financial authorities continue to ignore these issues, it could lead to more illegal activities and a lack of trust in the regulatory framework.

  • This is definitely a negative development.

• Annie

  • So, in your opinion, is this news good or bad for the market?

  
• 

  Kang-hoon

  • I would say it's bad news.

  • The lack of clear regulations and the failure to address critical issues like corporate accounts will likely hinder the growth and legitimacy of the cryptocurrency market.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.