Launch of Virtual Asset Valuation Institute... Creating Evaluation Indicators for Cryptocurrencies

Professor Park Jae-kyung of Korea Polytechnic University Elected as Inaugural Director

On the 5th, the Korea Computer Information Society held the inaugural general meeting and board of directors meeting of the Virtual Asset Valuation Institute. (Provided by Virtual Asset Valuation Institute)

[Asia Economy Reporter Gong Byung-sun] The Virtual Asset Valuation Institute (Gapyewon), an organization that evaluates the value of cryptocurrencies, has officially launched.

The Korea Computer Information Society announced on the 10th that it finalized the articles of incorporation through the founding general meeting with the board of directors of the Virtual Asset Valuation Institute on the 5th, completing the formation of the Virtual Asset Valuation Committee (Gapyeongwi) with about 50 professors.

Professor Park Jae-kyung of the Department of Information Security at Korea Polytechnic University was elected as the first director and began full-scale work for value evaluation from the 9th. Director Park stated, "Recently, cryptocurrencies have emerged as a social issue, but no one takes responsibility," adding, "University professors will create objective indicators based on their expertise, and in the future, cryptocurrencies that have not gone through Gapyeongwi will be excluded from the market."

Gapyewon plans to conduct official evaluations of cryptocurrencies and explain its purpose to domestic cryptocurrency exchanges. Additionally, it will propose to promote evaluations of cryptocurrencies planned for listing as well as those already listed.

Gapyeongwi decided not to charge evaluation fees this year and to focus solely on securing credibility. The evaluation period per case is expected to take about 3 to 4 weeks. Furthermore, Gapyeongwi announced plans to compose the evaluation committee with 5 to 7 members.

Director Park explained, "The Specific Financial Transaction Information Act, which will be enforced in September, does not provide concrete security measures for investor protection or active indicators for cryptocurrencies," adding, "Gapyeongwi will play an important role."

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