The Korea Fintech Industry Association (Chairman Lee Geun-joo, CEO of Hanpass, hereinafter referred to as the Fintech Association) held the third National Assembly forum for the enactment of the Basic Digital Asset Act on the topic of ‘Measures to Resolve Conflicts of Interest in Digital Asset Exchanges’ at the 8th conference room of the National Assembly Members’ Hall at 10:00 am on the 24th.
This forum, which was co-hosted by the Democratic Party of Korea’s Political Affairs Committee members Kang Jun-hyun, Kang Hoon-sik, Kim Nam-geun, Kim Byeong-gi, Kim Seung-won, Kim Yong-man, Kim Hyeon-jeong, Min Byeong-deok, Park Sang-hyeok, Yoo Dong-soo, Lee Kang-il, Lee In-young, Lee Jeong-moon, and Jeon Hyeon-hee, following the previous two forums, confirmed the Democratic Party’s will to legislate the relevant policy.
At the forum that day, Rep. Kang Jun-hyun, the floor leader of the opposition party on the Political Affairs Committee, emphasized, “Even though the global digital asset industry ecosystem is becoming active, our country has an abnormal structure that is centered on exchanges and limited to individual investment,” and “Transparency and fairness must be improved so that the domestic digital asset market can form stably.” He also said, “Since 14 members of the Political Affairs Committee are co-hosting this forum, we will be able to quickly prepare related bills.”
In his opening remarks, Rep. Min Byung-duk said, “A completely new phenomenon should be viewed from a new perspective, not an existing one,” and “Digital asset exchanges should also be viewed from a new perspective, not a stock exchange perspective, and regulations should be established.” He continued, “In reality, the exchanges are a two-party system, and there are conflicts of interest between the delisting authority and the interests of the exchanges, so there are doubts about whether they can be operated properly,” and “I hope that the forum, which will activate the digital asset market and industry under clear guidelines, will play a big role.”
“The domestic digital asset market is at a critical juncture of restoring trust,” said Lee Geun-ju, chairman of the Korea Digital Asset Management Association, who hosted the forum on behalf of the industry. “I hope that we can build and develop a sound market environment through transparent operations, creating a fair trading environment, establishing a strict internal control and monitoring system, complying with relevant laws and regulations, and practicing ethical management,” he emphasized.
The keynote speech was divided into two sessions. In the first session, Professor Ryu Kyung-eun (Korea University Law School) presented on the topic of ‘Measures to Resolve Conflicts of Interest in Virtual Asset Exchanges’, and in the second session, Attorney Kwon Oh-hoon (Cha & Kwon Law Firm) presented on ‘Cases of Conflicts of Interest in Overseas Virtual Asset Exchanges’.
In the subsequent panel discussion, Professor Lee Hyo-jin (Korea University Information Security Graduate School) moderated and discussed supplementary measures for resolving conflicts of interest in digital asset exchanges. The discussion was attended by ▲Director Kim Seong-jin (Financial Services Commission Virtual Asset Division), ▲Professor Ryu Gyeong-eun (Korea University Law School), ▲Attorney Kwon Oh-hoon (Cha & Kwon Law Firm), ▲Director Jeong Seok-moon (Presto), ▲Director Seo Byeong-yoon (DSRV), ▲CEO Jeong Gu-tae (Infinite Block), ▲CEO Kim Gyu-yoon (Happy Block), and ▲Asia CEO Woo Deok-soo (Blockdaemon), who discussed various opinions.
The National Assembly forum for the enactment of the Basic Digital Asset Act will be held six times in total during the first half of 2025, and was held on February 6 and March 4 with the themes of 'Corporate Participation Measures for Fostering a Sound Digital Asset Industry' and 'Suggestions for Introducing Stablecoin Regulations.'
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