Hong Nam-ki "Overheating in Cryptocurrency Sector... Investors Must Be Very Cautious"
[Asia Economy Reporter Seo So-jeong] Hong Nam-ki, Deputy Prime Minister for Economic Affairs, stated on the 19th that the virtual asset and cryptocurrency sectors are overheated compared to their actual value amid the recent overheating of the cryptocurrency market.
In response to a question from Choi Jong-yoon, a member of the Democratic Party of Korea, regarding cryptocurrency management measures, Deputy Prime Minister Hong said, "(The overheating) can be problematic. From the perspective of managing the economy, I believe investments should be made very cautiously."
Regarding the Specific Financial Information Act to be enforced this month, Deputy Prime Minister Hong explained, "Now, exchanges trading virtual assets must report transaction details to the government," adding, "This means that a system to track the flow of virtual assets is just being established."
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