Lee vows legalization of virtual asset industry

Ruling party presidential candidate Lee Jae-myung / Yonhap

Ruling party presidential candidate Lee Jae-myung said Wednesday he will institutionally recognize the virtual asset industry and guarantee various business opportunities in the sector.

Lee of the Democratic Party of Korea made the remarks in a meeting with heads of the nation's four major cryptocurrency exchanges and industry experts in Seoul, apparently targeting voters in their 20s and 30s who have a relatively strong interest in virtual asset investments.

Lee said he will prepare objective listing standards and make the disclosure system transparent through the legalization of virtual assets. He also promised to monitor unfair trade practices and devise regulatory protections to cope with the digital divide.

Lee said he will consider allowing initial coin offerings after establishing sufficient safeguards to protect investors and prevent market disturbances. The candidate said he will also consider permitting the issuance of security tokens based on real assets.

"An existing market doesn't disappear even if our eyes are covered," Lee said, referring to the virtual asset industry. "If we cannot avoid it, we have to get ahead of it," he said. (Yonhap)