South Korean Bankruptcy Court Judge Calls for More Crypto Regulation

South Korean bankruptcy court judge, Judge Lee Seok-jun, has called for increased regulation in the cryptocurrency industry to provide better protection for investors. In a paper published in the Court of Korea’s academic journal, Judge Lee stated that the existing regulations are insufficient, leading to judges having to create precedents in crypto-related court cases. He emphasized the need for regulations on market entry, business activities, and disclosure in the crypto sector. Judge Lee referenced a case where customers were unable to trade due to a power outage, urging the government to address compensation-related matters in the new laws. He also highlighted the disparity between regulations governing the securities market, which requires investor protection, and the lack of similar provisions for cryptocurrencies. Additionally, he argued that crypto providers should ensure that investors fully understand the products they are investing in. Overall, Judge Lee’s paper emphasized the urgency of implementing comprehensive regulations in the South Korean crypto industry.