Cheongwadae Responds to Public Petition for Financial Services Commission Chairman's Voluntary Resignation: "Government's Task Is to Enable New Challenges on a Social Safety Net"
[Asia Economy Reporter Ryu Jeong-min] The Blue House announced that it will continuously pursue measures to prevent damage related to virtual assets.
On the 23rd, the Blue House responded to the public petition titled 'Request for the Financial Services Commission Chairman to Resign Voluntarily'. The petitioner demanded the resignation of the Financial Services Commission Chairman, stating that the government lacks understanding of virtual assets and emphasizes taxation without protecting investors. Over 200,000 citizens participated in the petition.
The Blue House stated, "The younger generation is facing difficulties due to complex and diverse issues such as employment, housing, education, social participation, and quality of life. Especially, they are going through a more difficult period than ever, exposed to the shock of COVID-19 at the most important stage of their lives. It is an important task of the government to alleviate these difficulties and enable young people to take on new challenges within a social safety net."
The Blue House promised, "Regarding virtual assets, we will comprehensively review market trends, the effects of institutional improvements, opinions of participants including the youth, and experts, and will continuously pursue damage prevention measures and institutional enhancements."
Earlier, on May 28, the government announced the 'Virtual Asset Transaction Management Plan' jointly with related ministries.
Operators (exchanges) must, by September 24, the grace period for operator registration under the amended Specific Financial Information Act effective from March this year, fulfill requirements such as opening real-name verified deposit and withdrawal accounts and obtaining Information Security Management System (ISMS) certification, and report to the Financial Intelligence Unit (FIU).
The Blue House explained, "The government is currently supporting operators with consulting to enable early registration, and plans to encourage transaction participants to move to registered operators thereafter."
The Blue House added, "We plan to strictly manage the segregation of customer deposits to prevent embezzlement risks, anti-money laundering obligations, and maintenance of ISMS certification. We are also promoting measures to prohibit operators from directly trading, exchanging, brokering, or mediating virtual assets they issue themselves, as well as prohibiting transactions conducted by operators and their executives through the operator."
The Blue House stated, "Since operators are the most important in virtual asset transactions, the Financial Services Commission has been designated to lead the supervision and institutional improvement of virtual asset operators," and added, "Regarding illegal and unfair acts in virtual asset transactions, the virtual asset-related ministries’ vice-ministerial task force (TF) will include the National Tax Service and the Customs Service to respond comprehensively to illegal activities."
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