Editor's PiCK
Min Byung-deok Criticizes Cryptocurrency Exchanges..."Delisting Authority is a Conflict of Interest"
Summary
- Min Byung-deok pointed out that the delisting authority of virtual asset exchanges has potential conflicts of interest.
- He mentioned that the concentration phenomenon of domestic virtual asset exchanges is also a problem.
- He emphasized the need for the enactment of the Digital Asset Basic Act, stating that clarifying guidelines rather than regulation is important.
Min Byung-deok, a member of the Democratic Party of Korea, stated on the 24th that "the delisting authority held by (virtual asset) exchanges is a conflict of interest."
On this day, at the 'National Assembly Forum for the Enactment of the Digital Asset Basic Act' held at the National Assembly Members' Office, Min attended and said, "I doubt whether it can function properly if the delisting authority is given to (virtual asset exchanges)." He added, "There are five (virtual asset) exchanges in Korea, but I can only remember two," and "I also see the concentration on (specific exchanges) as a problem."
He also mentioned the Digital Asset Exchange Joint Consultative Body (DAXA). Min said, "I have concerns about whether DAXA is functioning properly as a self-regulatory body," and "Considering these aspects, we need to create a harmonious structure that can protect virtual asset users." He continued, "(The Digital Asset Basic Act) is not about regulation but about clarifying guidelines," and "since the speed of legislation is important, it should not be delayed too much."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
