Min Byung-deok: "Korean investors repeatedly fall victim to 'dishwashing coins'... exchange accountability must be strengthened"

Democratic Party Representative Min Byung-deok emphasized that institutional improvements must be made to enhance exchange transparency for the promotion of Korea's virtual asset (cryptocurrency) industry.

At a seminar on 'Global Competitiveness of Domestic Digital Asset Exchanges' held at the National Assembly Members' Office Building on the 12th, Rep. Min stated, "Virtual assets, digital assets, and crypto are no longer just investment vehicles but have become an important pillar of our economy. Countries around the world, including the United States, are bringing digital assets into the regulatory framework to foster innovation, and major financial hubs are developing global competitiveness by nurturing their markets."

He mentioned that unlike the rapidly developing global market, the reality of South Korea's virtual asset industry is not favorable. Representative Min Byung-deok expressed concern, saying, "We have allowed a structure vulnerable to investor protection due to non-transparent market operations and institutional inadequacies. As seen in the Sui and Avail incidents, some projects were listed on exchanges without proper verification, and investors repeatedly fell victim to 'dishwashing coins' without prior information."

Rep. Min also urged the establishment of institutional measures to prevent such situations. "It is the role of the National Assembly to organize laws and systems so that the digital asset market can establish itself as a sound financial system without losing trust," he emphasized. "We must strengthen the responsibility for enhancing exchange transparency, systematically build supervisory agencies' monitoring systems, and establish an 'Korean-style regulatory framework' that establishes investor protection systems."

He also emphasized that appropriate industry promotion should continue through regulatory sandboxes. Representative Min Byung-deok stated, "We should not view the situation negatively, but see it as it is and consider various aspects including stablecoins. We aim to pass new concept bills such as the Digital Asset Basic Act and Security Token Offering (STO) related bills. Government agencies like the Financial Supervisory Service are heading in the right direction, but the pace is slow. The Democratic Party is quickly examining the market with experts from various fields. In this rapidly changing era, we need to quickly assess and act, even if it means accepting some side effects."