Kim Gap-rae, a studies fellow at the Capital Market Research Institute, spoke at the Global Investment Center in Yeouido, Seoul, on May 24 approximately “The Current State and Major issues of the Digital Asset Market.”

His primary point turned into the reality that “the virtual asset marketplace has grown based totally on investor consider by using enacting the ‘Basic Act on Digital Assets.’”

Initial coin supplying (ICO) is the raising of preliminary development price range from buyers and paying cash in going back for issuing new virtual belongings. Certain standards need to be met earlier than the ICO can trouble any cash on the initial level of the task.

ICOs are, but, are now not regulated by means of the general public imparting charge or asset allocation and there is no institutionalized law on the list.

Kim is of the opinion that “if there had been a minimal disclosure of the standard funding risks of stablecoins, extreme optimism approximately Terra-Luna might not have unfolded inside the trading market.” He also believes that the ebook of a white paper in Korean, containing all the essential funding facts, has to be made obligatory.

Kim additionally highlighted the reality that in the meantime there’s no regulation on unlawful transactions which includes an unfair exchange of digital assets and insider buying and selling.

A professor of economics at Dongguk University, Park Seon-younger, additionally brought that “The Terra-Luna incident does not represent the entire improvement of the virtual asset market.”

He concluded by way of declaring “ in both the non-public and public sectors, investor safety have to be done at the equal time, and an environment that considers obligation in preference to opposition for market proportion is needed.”