Opposition: "Cryptocurrency, Government in Disarray... Institutionalization and Investor Protection Measures Must Be Considered"

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] The opposition party criticized the government and ruling party for being "confused and indecisive" regarding cryptocurrency policies. The opposition pointed out that discussions on the institutionalization of cryptocurrencies and investor protection measures must begin.

On the 26th, Joo Ho-young, acting leader and floor leader of the People Power Party, stated at an emergency committee meeting, "The government and ruling party are confused and unable to find direction on the issue of cryptocurrencies (virtual currencies)," adding, "They have yet to decide even whether to recognize cryptocurrencies as assets, let alone formulate policies."

Acting leader Joo criticized, "It is known that the number of cryptocurrency investors has exceeded 2.5 million, but they have not even grasped how much of the nation's assets have actually flowed into the cryptocurrency market." He continued, "While they say they cannot recognize cryptocurrencies or protect investors, they still tax the income, which is a contradictory logic. Young people in their 20s and 30s who have enthusiastically invested in cryptocurrencies are expressing a ridiculous sense of betrayal and unfairness," and argued, "Instead of threatening to tax cryptocurrency income at lottery-winning levels and abolish exchanges, we should discuss with experts whether to institutionalize cryptocurrencies and how to protect investors."

Regarding this, Acting leader Joo said, "The People Power Party will form a task force (TF) within the party to conduct various studies on this system and devise measures to protect investors and victims."

[Image source=Yonhap News]

Kwon Eun-hee, floor leader of the People’s Party, said, "Financial Services Commission Chairman Eun Sung-soo is taking a hands-off approach to the cryptocurrency market, saying ‘cryptocurrencies are virtual assets without intrinsic value, and cryptocurrency exchanges may be abolished in September,’ and ‘if they go down the wrong path, adults need to tell them,’ only seeking ways to avoid responsibility," and criticized, "Compared to the policies of the U.S. and Japan, which have introduced licensing or registration systems for cryptocurrency exchanges, requiring a certain level of capital and asset requirements, and establishing systems to protect users and supervise as needed, the government’s stance is utterly irresponsible."

Floor leader Kwon argued, "The National Assembly should closely examine the regulatory stances of governments worldwide and the trends of global companies attempting to utilize cryptocurrencies, and begin discussions on introducing cryptocurrencies into the institutional framework," adding, "The cryptocurrency industry should autonomously establish systems to meet certain asset and user protection standards, and be required to store and report necessary information. An industry-specific law should be enacted to ensure at least minimal investor protection."

This content was produced with the assistance of AI translation services.