Attorney Hoseok Jung Presents at Asia’s Largest B2B Web3 Conference ‘Adoption 2024’ Hosted by Xangle
(Source=Xangle)
On Thursday, July 11, 2024, Attorney Hoseok Jung from SEUM Law(hereinafter 'SEUM') delivered a presentation on 'The Impact of the Virtual Asset Protection Act on the Market' at the ‘Adoption 2024’ conference, Asia’s largest B2B Web3 event hosted by virtual asset data platform Xangle(Read the related article).
Celebrating its third year, ‘Adoption 2024’ was held in Japan from July 8 to 9 and in Korea from July 11 to 12. The conference featured various sessions aimed at sharing practical and specific business guides for the adoption and outcomes of Web3. The event focused on how Web3 technology is being integrated into various industries—such as finance, gaming, entertainment, distribution, manufacturing, and mobility—by discussing topics like community, intellectual property (IP), stablecoins, real-world assets (RWA), and regulatory changes.
Attorney Jung of SEUM presented on “The Impact of the Virtual Asset Protection Act on the Market,” briefly introducing the Virtual Asset User Protection Act and detailing its scope and penalties for violations. He also pointed out issues with the law, including its tendency to impose broad and comprehensive prohibitions based on negative perceptions of the market.
Jung stated, “These issues arise because the law focuses on user protection without addressing more critical aspects. It’s necessary to swiftly establish a second-phase law that clearly defines what NFTs and DeFi are, and what virtual assets mean, along with specifying what businesses are allowed to do.”
