"Not Protecting Art Buying and Selling Is the Same"
"Difficult to Verify the Reality of 17 Trillion Won Daily Trading Volume"
"Concern Over the Frenzy... Adults Need to Talk About It"
Financial Services Commission Chairman Eun Sung-soo and Vice Minister of the Ministry of Patriots and Veterans Affairs Lee Nam-woo attended the full meeting of the Political Affairs Committee held at the National Assembly on the 22nd and are talking during the meeting. Photo by Yoon Dong-joo doso7@
[Asia Economy Reporter Kwangho Lee] Eun Sung-soo, Chairman of the Financial Services Commission, said on the 22nd, "The government cannot protect everyone who has invested in virtual assets," adding, "If they go down the wrong path, I think adults need to tell them so."
Chairman Eun made these remarks during his appearance at the National Assembly's Political Affairs Committee in response to a question from Kang Min-guk, a member of the People Power Party, who asked, "Isn't there a need to establish laws to protect virtual asset investors?"
Rep. Kang pointed out, "Recently, there has been an overheating trend in cryptocurrency investments, with transactions amounting to 30 trillion won, which is twice the daily trading volume of the KOSPI. However, the only related law is the recently enacted Special Financial Transactions Information Act (Special Act on Reporting and Using Certain Financial Transaction Information), which only indirectly regulates the industry, raising concerns that investor protection is insufficient."
In response, Chairman Eun said, "We have a different perspective on whether these should be protected as investors," adding, "It's the same as not protecting people who buy and sell paintings." He continued, "If individuals invest and incur losses, it is inevitable, so they should be mindful of that. I am concerned about the speculative frenzy."
Chairman Eun stated, "The government's view of virtual assets is that they are highly speculative assets with no intrinsic value," and added, "However, the use of these assets for illegal funds or terrorist financing is regulated under the Special Financial Transactions Information Act, considering security and international relations."
In response to Chairman Eun's remarks, Kim Byung-wook of the Democratic Party criticized, "Many citizens are trading virtual assets, and it is dangerous to categorically say that this cannot be considered investment," and pointed out, "It is also inappropriate to compare virtual assets, which are traded by an unspecified large number of people in competitive trading, to paintings traded by a few."
He further raised his voice, saying, "Investor protection does not mean compensating for losses but ensuring that virtual assets are traded transparently through disclosures, etc., but the authorities' perception is complacent."
Regarding Rep. Kim's criticism, Chairman Eun explained, "Just because many people are involved does not mean they should be protected," adding, "The reason why the term 'investment' is used in relation to virtual asset trading is why the question of whether protection is necessary arises, but this is a matter of questioning government responsibility."
Chairman Eun emphasized, "The claim that the daily trading volume is 17 trillion won has not been verified. If you gamble all night at a gambling table, the trading volume is inflated," and added, "If they go down the wrong path, we need to tell them it is the wrong path. Adults need to tell them."
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