Thu, September 26, 2024 at 08:20

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some important news from the National Assembly's plenary session.

  • More than 70 bills are scheduled to be addressed, but the one drawing the most attention in the cryptocurrency industry is the amendment to the Depositor Protection Act.

  • 
• Annie

  • Oh, that sounds significant!😊 What exactly does this amendment entail?

  
• 

  Kang-hoon

  • The amendment will allow the government to track illegally hidden assets by authorizing the Deposit Insurance Corporation to request data from cryptocurrency exchanges.

  • This marks a crucial turning point in recovering illicit assets.

• Annie

  • Wow, that's a big change!

  • How was it before this amendment?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Previously, the Deposit Insurance Corporation could only request data from traditional financial institutions like banks, insurance companies, and securities companies.

  • They had no authority over cryptocurrency operators.

• Annie

  • I see.

  • So, how will this new law impact the recovery of illicit assets?

  
• 

  Kang-hoon

  • With the new law, the agency will be able to trace property hidden in virtual assets, which is expected to significantly increase the recovery rate of financial institutions' debts.

  • Cryptocurrencies have often been used to hide illicit assets due to their anonymity and the speed of fund transfers.

• Annie

  • That makes sense.

  • How are the cryptocurrency exchanges reacting to this amendment?

  
• 

  Kang-hoon

  • Prior to the bill's passage, Yebo had already been working with crypto exchanges to establish a system for the recovery of illicit assets.

  • For instance, last year, Yebo signed a business agreement with the cryptocurrency exchange Cobit to strengthen information exchange.

• Annie

  • Interesting!

  • Have there been any tangible results from these efforts so far?

  
• 

  Kang-hoon

  • Yes, through their cooperation, Yebo has sold about $1 million worth of cryptocurrency.

  • These efforts are expected to yield even greater results if the amendment is passed.

• Annie

  • That's impressive.

  • What do the lawmakers think about the bill's chances of passing?

  
• 

  Kang-hoon

  • The National Assembly is optimistic about the bill's passage.

  • 

  • According to Chu Kyung-ho, the chairman of the National Assembly, there are more than 70 bills that have been passed by consensus of the ruling and opposition parties, and these will be dealt with in today's plenary session.

• Annie

  • It sounds like there's a good chance it will pass then.

  • What do you think this means for the cryptocurrency market?

  
• 

  Kang-hoon

  • I believe this is a positive development.

  • It will strengthen transparency and fairness in the financial system, which could enhance the credibility of the cryptocurrency market.

  • This, in turn, could attract more institutional investors.

• Annie

  • That's great to hear!

  • So, overall, would you say this news is a positive or negative for the market?

  
• 

  Kang-hoon

  • I would definitely say it's a positive.

  • The increased ability to track and recover illicit assets will likely lead to a more stable and trustworthy market environment, which is beneficial for all stakeholders involved.

• Annie

  • Thank you so much for the detailed explanation, Kang-hoon!

  • This really helps me understand the impact of the news.👏

  
• 

  Kang-hoon

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.