"The autonomy of exchange listings should be maintained... Concerns about weakening domestic exchange competitiveness"

Concerns have been raised about the establishment of a listing review committee, a key issue in the Digital Asset Basic Act to be proposed next month.

Professor Hyung-Gu Kang of Hanyang University, who attended the 'Digital Asset Basic Act Review' seminar held at the National Assembly Hall in Yeouido, Seoul on the 24th, said, "Currently, individual virtual asset (cryptocurrency) exchanges are autonomously listing, and it is true that many problems are arising there," but added, "If the listing review is entrusted to a centralized institution like the listing review committee to solve those problems, it could significantly undermine the competitiveness of domestic exchanges."

In particular, Professor Kang believed that the listing review committee could reduce the entry of overseas projects into the domestic market. He explained, "If the autonomous listing rights of individual exchanges are revoked and the listing review is conducted by the listing review committee, the problem is that the listing lead time and costs will skyrocket," and "In that case, promising global projects may change their route to Singapore, Hong Kong, or Dubai, where listing is relatively easier, instead of Korea."

Additionally, Professor Kang suggested that there is no need to make the previously competitive exchange industry uniform through listing unification. He emphasized, "Virtual asset exchanges have been fiercely competing in a multi-exchange system for a long time," and "Some exchanges have made significant efforts, such as implementing a zero-fee policy. In this situation, I don't think it's necessary to hinder the positive competitive market through listing unification."

Furthermore, Professor Kang pointed out improvements in the Digital Asset Basic Act, including ▲mandatory single association, ▲hindrance to private competition due to stablecoin licensing, and ▲high capital requirements.