Korea Blockchain Association Strengthens Self-Regulation to Protect Investors
Guidelines on Listing, Delisting, Disclosure, and Internal Control Standards Expected to Be Included in Regulatory Proposal
[Asia Economy Reporter Gong Byung-sun] As the amendment to the Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Information Act) has been fully implemented, the Korea Blockchain Association has stepped up its self-regulation efforts to protect investors.
The Korea Blockchain Association announced on the 1st that it will prepare a revised self-regulation proposal, including listing guidelines, within this year. The revision of the self-regulation proposal will be led by the Association's Self-Regulation Committee, with legal advice provided by Kim & Chang law firm.
This regulatory proposal is being promoted as part of the industry's self-purification efforts to create a healthy cryptocurrency ecosystem. It is expected to be linked to the future enactment of an industry-specific law that will incorporate the cryptocurrency industry into the institutional framework.
The revised regulatory proposal is expected to include guidelines on ▲listing and delisting ▲disclosure ▲internal control standards ▲advertising ▲dispute resolution. Along with this, the Association plans to revise the regulations of the Self-Regulation Committee and the Consumer Protection Committee, focusing on enhancing industry transparency and protecting investors.
Lee Jong-gu, Chairman of the Korea Blockchain Association's Self-Regulation Committee, said, “We will prepare a self-regulation proposal that can encompass both market order establishment and investor protection,” adding, “We will strive to make it a guideline that can serve as a standard in the future process of enacting the industry-specific law.”
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Oh Gap-su, President of the Korea Blockchain Association, stated, “With the enforcement of the Specified Financial Information Act, we have passed the first gateway for the cryptocurrency market and blockchain technology development, but the most important thing is investor protection,” and added, “The Association and the industry will continue to strengthen ongoing self-purification efforts to protect investors.”
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