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Not long ago, the European Union decided to implement the world's first regulatory legislation for virtual assets.

Reporter Park Ye-rin took a look at how far we have come in this virtual asset-related law.


Terra coin, which was once the eighth largest cryptocurrency market capitalization in the world.

Within a week, it crashed by nearly 8% and became a piece of waste.

There are 100,28 victims and an estimated damage of 77 trillion won.

The recent Gangnam kidnapping and murder case was also started by coins, and the number of victims of multi-level virtual asset fraud is increasing.

The domestic virtual asset market has an average daily transaction volume of 3 trillion won, but various problems have arisen amid the regulatory vacuum.

As the government and the National Assembly, which had been lukewarm on regulatory arrangements, belatedly acted, the Virtual Asset User Protection Act passed the Political Affairs Committee of the National Assembly.

At its core, the bill aims to regulate unfair trading practices and impose obligations on exchanges to protect users' assets.

If you are found to be using undisclosed information or adjusting the market price, you can be imprisoned for more than 1 year or fined 3~5 times the amount of unjust enrichment, and victims can file a class action lawsuit.

In order to protect users, exchanges must have insurance or reserves in case of hacking.

However, it has been pointed out that since there are no regulations or systems to monitor unfair acts, it is difficult to properly detect unfair trade practices that change subtly.

[Lee Jung-yeop/Lawyer: It's a bit of a shame because some kind of technical system or something like that that can control market manipulation is not well maintained.]

Regulations on virtual asset issuance and listing are expected to take a lot of time to be introduced as the National Assembly has postponed it as a two-stage bill.

(Video editing: Lee Seung-hee)