Digital Asset Operators Say "Ministry of Science and ICT Suitable as Main Agency for Digital Assets"

President-elect Yoon Suk-yeol, who was the People Power Party candidate, announcing the safe investment policy pledge for individual investors in virtual assets at the party headquarters in Yeouido, Seoul, on January 19. (Image source=Yonhap News)

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[Asia Economy Reporter Moon Chaeseok] A survey has revealed that the Ministry of Science and ICT is considered the most suitable department to be in charge of government policies related to digital assets (cryptocurrency).

Kang Seong-hoo, Chairman of the Korea Digital Asset Business Association, introduced the results of a survey conducted from the 19th to the 22nd among industry officials, academia, journalists, associations, and businesspeople at a policy forum held on the 26th at the Federation of Korean Industries Conference Center in Yeouido, Seoul, under the theme "What Should Be the Priority of Digital Asset Policy in the Next Government?"

Among the 722 respondents, 495 people (68.2% of the total) answered that the Ministry of Science and ICT is the appropriate department to be in charge of digital asset policies. Those who answered the Financial Services Commission were 157 people (21.7%), followed by the Ministry of Economy and Finance (62 people, 8.5%) and the Office for Government Policy Coordination (10 people, 1.3%). Among those who chose the Ministry of Science and ICT, 76.5% stated that "since it is the main department for blockchain, the core technology underlying digital assets, the Ministry of Science and ICT should take charge." Among those who selected the Financial Services Commission, 80% cited "the financial characteristics of digital assets," and about 60% of those who chose the Ministry of Economy and Finance cited "the ability to coordinate well among ministries" as their reasons. Chairman Kang argued, "Considering the next government's policy of not reorganizing government organizations for a considerable period, the Ministry of Science and ICT should be designated as the main department for digital assets, and the Ministry’s organizational regulations, which are presidential decrees, should be amended to establish a Digital Asset Industry Office."

Lee Bo-kyung, Vice President of Coinone, a cryptocurrency exchange, also emphasized, "To operate digital asset policies efficiently, an autonomous regulatory body centered on financial authorities, exchanges, and experts should be launched," and added, "Active government support is needed to allow various services using virtual assets to be attempted in Busan, the existing blockchain special zone." Lee Jun-haeng, CEO of Gopax, another cryptocurrency exchange, stated, "Foreigners should be allowed to use domestic cryptocurrency exchanges to attract foreign capital," and argued, "It is necessary to foster the industry by establishing national guarantees, such as deposit insurance, for virtual asset service providers."

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