No Change in Government Stance
Financial Services Commission Chairman Eun Sung-soo remarked on April 22 that the South Korean government is not going to protect virtual currency investors.
“The government’s view on the cryptocurrency market is that it is a market of highly speculative virtual assets without any intrinsic value,” the chairman said, adding, “It is completely different from the stock market and the other capital markets, where investors must be protected.”
Despite his remarks, some lawmakers are pointing out that the government has to do something with the daily trading volume of the virtual currency market amounting to 17 trillion won or so.
“Investor protection here means that public announcements for investors need to be provided without delay and investors have to be given access to details about coin issuers, and it does not mean the government has to cover investment losses,” said Democratic Party of Korea lawmaker Kim Byung-wook.
“The daily trading volume of 17 trillion won is yet to be confirmed,” the chairman refuted, continuing that the government’s stance on the cryptocurrency market is not going to change at all.