[Asia Economy Reporter Lee Myunghwan] Banko, the operator of the virtual asset exchange Borabit, announced on the 12th that CEO Kang Daegu emphasized the need to ease regulations on virtual asset exchanges at the pre-inauguration dinner celebrating President Yoon Seok-yeol's inauguration.
On the 9th, CEO Kang gave a presentation at the pre-inauguration dinner held at Lotte Hotel in Sogong-dong, Seoul, under the slogan "Revitalize the Economy of the Yoon Seok-yeol Government," discussing the impact and necessity of the metaverse and non-fungible tokens (NFTs) on the Korean economy, as well as the difficulties in the regulatory environment related to the linkage with virtual assets. The event was attended by President Yoon, overseas Koreans, key guests, foreign diplomats in Korea, and domestic businesspeople.
In his presentation, CEO Kang explained the current status and prospects of the metaverse and mentioned issues such as the opening of real-name bank accounts for domestic virtual asset exchanges and the weakening of digital innovation and global competitiveness due to regulatory environments. He appealed, saying, "The domestic metaverse economic ecosystem faces difficulties in providing convergence services with virtual assets due to regulations."
He continued, "Regulatory easing is necessary so that the industry's efforts to realize a virtual asset economic ecosystem within the institutional framework can greatly contribute to national industrial development."
Meanwhile, the Yoon Seok-yeol administration has announced as one of its 110 major national tasks the enactment of a Digital Asset Basic Act and the allowance of domestic initial coin offerings (ICOs), expressing its intention to foster the private IT market, lead new industries, and create jobs.
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