“Nobody guarantees value, beware of big losses”… Government bitcoin investment overheat warning

[이데일리 최정훈 기자] Concerns were expressed that the government was overheating and investing in additional assets such as bitcoin. The government decided to speed up the improvement of the system to prevent illegal activities and speculative demand. The government’s plan is to prepare for income taxation of household assets from January next year.

Seung-Wook Moon, Vice-President of the Office for Government Affairs Coordination

The government announced that it held a meeting of ministries related to virtual assets at the Seoul Government Complex on the afternoon of the 7th, presided over by Moon Seung-wook, the second deputy head of the State Affairs Control Office. The meeting was attended by the Financial Services Commission, the Ministry of Strategy and Finance, the Ministry of Justice, and the head of the National Police Agency. At the meeting on this day, we reviewed the recent virtual asset market situation and the implementation of system improvement related to virtual assets such as the’Act on Reporting and Use of Specific Financial Transaction Information, etc.’ (Special Law), and discussed future directions.

“Virtual asset is not a legal currency or financial investment product, and no one guarantees its value. Therefore, high price volatility can cause great losses at any time due to illegal activities, speculative demand, and changes in domestic and overseas regulatory environment,” said Moon, the second deputy general manager You have to pay attention to,” he said.

Second Deputy Secretary of State Moon continued, “In addition, a series of activities such as mining, investment, and trading of virtual assets need to be carefully judged under self-responsibility. As there are cases of damage to investors due to crimes using real virtual assets, investors You should be fully aware of the possibility of such damage.”

Second Deputy Secretary of State Moon also said, “Because of the revision of the Special Funds Act, existing business operators must complete the business report reception by September 24, but some business operators may close their business without reporting.” “Investors are prevented from incurring damages related to this. He emphasized, “You should check whether the business operator you are dealing with is reported, whether or not the business continues.”

The government plans to carry out preliminary guidance for the establishment of related infrastructure in the industry, such as securing transaction details for the income taxation of virtual assets, which will be implemented from January next year, and computer-related work. In addition, the company plans to closely monitor the situation of the virtual asset market to prevent excessive virtual asset speculation and strive to prevent damage to investors.

In addition, the government’s plan is to crack down on illegal activities related to transactions such as market manipulation, money laundering, and tax evasion using virtual assets through the cooperation of the police, prosecutors and financial authorities. In particular, the police plan to intensively crack down on illegal activities related to virtual asset transactions through the ‘Promotional Team for the Elimination of Infringements of the Common People’s Economy’, and cooperate with international organizations such as Interpol to cope with illegal activities through overseas exchanges.