Lawyer Hoseok Jung of SEUM Law (hereinafter 'SEUM') participated as a panelist on October 24, 2023 (Tuesday) in the symposium titled 'Challenges and Prospects of the Enforcement of the Virtual Asset User Protection Act,' hosted by the Digital Asset Policy Forum. The event took place at the National Assembly Members' Office Building in Yeouido.

This symposium, titled 'Challenges and Prospects of the Enforcement of the Virtual Asset User Protection Act,' was organized to review policy directions ahead of the enforcement of the 'Virtual Asset User Protection Act' in July of the following year. The event aimed to enhance legislative achievements by gathering insights and fostering discussions among domestic experts on issues related to the enforcement decree of the Virtual Asset User Protection Act and legislative points in the second stage(Link).

Attorney Hoseok Jung of SEUM emphasized, based on his years of experience providing legal counsel to virtual asset operators, that "Just as MiCA specifies what should be included in a white paper, there should be clear standards in Korea as well." He also suggested, "Instead of raising barriers to entry for virtual asset issuance, enhancing monitoring systems is another approach. Through the creation of white papers or filing reports, if financial authorities directly monitor which virtual assets are being issued, illegal activities will decrease significantly," emphasizing the need for disclosure and issuance regulations through white papers(Link).

A representative from the Financial Services Commission who attended the symposium on the 'Challenges and Prospects of the Enforcement of the Virtual Asset User Protection Act' stated, "To implement the user protection law established by the legislation, numerous subordinate regulations need to be created." The representative further emphasized, "We are currently focusing on prioritizing the establishment of user protection systems and unfair trade systems." (Link)