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| Dunamu CEO Lee Sirgoo, second from right in the front row, poses with lawmakers and experts in the fields of finance and law during the Digital Assets Conference 2023 in Seoul, Thursday. Courtesy of Dunamu |
By Lee Min-hyung
Korea should start an in-depth discussion on the initial exchange offering (IEO) for the innovative growth of the digital asset industry here, Dunamu CEO Lee Sirgoo said Thursday.
"The government displayed its willingness to push the agenda forward, but we need further discussion on the IEO which has not been thoroughly discussed," Lee said during the Digital Assets Conference 2023 hosted by the operator of Korea's dominant crypto exchange, Upbit. "We also have to encourage innovative blockchain companies to proactively expand their footing in the nascent security token market and create innovation in the digital finance sector."
He also underscored the need for the government and market participants to see the digital asset market from a different perspective, as trading of digital assets is not restricted by border and time.
A group of lawmakers and experts from legal and academic circles joined the conference, co-hosted by the Korea Economic Law Association and the Korea Bureau of Economic Research and Innovation.
Lee Sang-seung, a professor of economics at Seoul National University, brought up the issue of cryptocurrency market expansion in the first session of the event.
"It is reasonable to say that the market for digital asset transaction encompasses not just Korea but other countries where digital assets can be traded," Lee said. He added that the government should map out and execute relevant regulations and policies after taking into account the universality of the market.
He also forecast local crypto exchanges would face tougher competition, as more overseas exchanges are ramping up their efforts to expand in Korea.
"The cryptocurrency transaction market is still growing in size, and market players are also responsive to technological changes in line with the rise of a new ecosystem linked with stablecoins," Lee said. "Foreign crypto exchanges are making inroads into the Korean market or preparing to do so, and some Korean exchanges are also considering tapping into overseas territories. I expect market players to engage in competition based on their merits."
Konkuk University law school professor Kim Byung-yeon opened the second session on the topic of reasonable regulations regarding the IEO.
"Digital asset exchanges should have the regulatory right to take control of each IEO for the soft landing of the overall IEO here," he said. "This is because digital asset exchanges have responsibility for the IEO. We need to revise relevant laws and introduce policies for the exchanges to responsibly operate their platforms for the IEO."
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