Kim Oh-soo Emphasizes 'Fairness': "Cryptocurrency Used for Crime... Strict Response"

Massive Damage from Virtual Currency Requires Strict Response
Serious Accident Punishment Act Is Essential
Support for Revival of Securities Crime Task Force
Pardon of Chaebol Heads Is Presidential Authority
Economic Issues Also Emphasize Fairness Policy

Prosecutor General nominee Kim Oh-soo is arriving at the personnel hearing preparation office set up at the Seoul High Prosecutors' Office in Seocho-gu, Seoul on the 12th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Hyung-min] Kim Oh-soo, the nominee for Prosecutor General, stated on the 25th regarding virtual currency, which is at the center of controversy as a speculative and criminal tool, that "prices can fluctuate significantly due to illegal activities or speculative demand, and it can be used for crimes such as illegal multi-level marketing, unauthorized fundraising, and investment fraud."

Kim said this in his written response to members of the National Assembly's Legislation and Judiciary Committee ahead of the confirmation hearing on the 26th, adding, "Crimes using virtual currency cause enormous damage to many ordinary citizens, so strict measures are necessary." This was in response to a question from Kim Do-eup, a member of the People Power Party, asking, "Do you agree with the prosecution's view that virtual currency is a means of illegal multi-level marketing and investment fraud?"

Kim expressed support for the revival of the Joint Securities Crime Investigation Unit, which was abolished during the tenure of former Minister of Justice Choo Mi-ae. He said, "I agree on the necessity to respond swiftly and efficiently to increasingly sophisticated and complex financial crimes and to maintain and strengthen the investigative capabilities for financial crimes." When former Minister Choo abolished the Joint Securities Crime Investigation Unit at the Seoul Southern District Prosecutors' Office, Kim was serving as the Deputy Minister of Justice. Kim acknowledged that "after the termination of the unit's operation, efforts have been made to respond quickly to securities crimes mainly through the Financial Investigation Divisions 1 and 2 at the Seoul Southern District Prosecutors' Office, but due to the increasing intelligence and complexity of crimes, there are limitations in effectively responding to large-scale securities crimes, and investigations into many ongoing securities crimes have been somewhat delayed," effectively admitting that the abolition was not the right decision.

Regarding the 'Serious Accidents Punishment Act,' which has ambiguous content and standards and is causing concerns about side effects in the business community, Kim expressed support. He said, "It is a necessary law to prevent serious accidents and protect the safety of citizens and workers," adding, "I understand that criminal practical response measures are being prepared ahead of its enforcement, and I will do my best to ensure that the legislative purpose is achieved."

On the issue of special pardons for chaebol heads, centered on Samsung Electronics Vice Chairman Lee Jae-yong, Kim refrained from commenting, saying, "I think it is inappropriate to express personal opinions on pardons, which are the president's exclusive authority."

Regarding whether cases such as the Lime and Optimus scandals, which involved government officials and the financial sector and revealed forms of 'collusion between politics and business,' should be transferred to the Corruption Investigation Office for High-ranking Officials (CIO), Kim avoided a direct answer, stating, "I think we should follow the relevant legal provisions."

In response to these economic issues, analysts in the business and legal communities have noted that Kim's responses reflect his consistent emphasis on fairness in the market economy. When serving as Deputy Minister of Justice, Kim led discussions on amendments to the Fair Trade Act, including the expansion of regulations on internal transactions and restrictions on voting rights in circular shareholdings of large business groups. In 2009, while serving as head of the Special Investigation Division 1 at the Seoul Central District Prosecutors' Office, he investigated cases such as bribery in deliveries to Daewoo Shipbuilding & Marine Engineering and allegations of slush fund creation in the Hyosung Group.

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