Democratic Party: "Government Deciding on 'Coin Delisting'?... Baseless Claim"

The Democratic Party of Korea has directly refuted the interpretation that the government could intervene in decisions regarding the delisting of virtual assets from domestic exchanges.

An official from Min Byung-deok's office stated to BloomingBit on the 12th, "The claim that the authorities can decide on the delisting of virtual assets from exchanges is baseless," adding, "This is a mistranslation of the Digital Asset Basic Act." This response was given after a recent interpretation that the Digital Asset Basic Act, proposed by Min on the 10th, would transfer exchange delisting authority to the government.

Currently, domestic virtual asset exchanges independently decide on the listing and delisting of virtual assets. The Digital Asset Basic Act clearly stipulates that the Transaction Support Eligibility Evaluation Committee, under the Korea Digital Asset Industry Association, may review whether to delist in cases where an issuer fails to properly disclose information or when the continued support of trading could potentially harm users.

Meanwhile, the Democratic Party is currently seeking to enact the Digital Asset Basic Act in the National Assembly during the second half of this year. Once established, the Basic Act would also allow for the issuance of KRW-based stablecoins. Min stated, "(Through the Basic Act) we can vitalize the digital financial ecosystem and position Korea as a leading nation in global digital finance."