According to the Specified Financial Transaction Information Act (Special Provisions Act), it has been argued that if there are only four exchanges to complete the notification of virtual asset (coin) business, 42 coins will disappear, resulting in a total of 3 trillion won in damage.
Kim Hyung-joong, a professor at the Graduate School of Information Security at Korea University, who serves as the president of the Korea Fintech Association, said this at the 'Virtual Asset Exchange Line Closing Damage Diagnosis and Investor Protection Alternatives' policy forum held at Samsung COEX Center in Seoul today (9th).
At the request of the Financial Consumers Federation, Professor Kim announced the results of analyzing the so-called 'Kimchi Coins' in 15 domestic exchanges where data can be traced among the targets of the cryptocurrency information site CoinMarketCap.
Professor Kim defined the kimchi coin as a coin that ▲ was made by a Korean team ▲ traded in KRW 80% or more.
He explained, “There are 159 coins listed on CoinMarketCap among the coins listed on the exchanges that have received ISMS certification and that have applied for certification, with a market capitalization of 12.7 trillion won.”
Professor Kim said, “Of these, 112 coins account for more than 80% of the KRW transaction. Excluding 70 coins listed on Upbit, Bithumb, and Coinone, the rest are 42. If only the four major exchanges, including Korbit, receive a business report, it should be seen that this coin is effectively expelled from the market.”
“The market cap of 42 coins will be 3 trillion won,” he said.In addition, Kimchi coins that are not listed on CoinMarketCap may also be subject to damage,” he added.
Professor Kim said, "Just as the Financial Services Agency of Japan reported and repaired 16 exchanges in 2017, Korea should create an environment to accept a similar number of exchange reports. said.