On March 24, Attorney Ohoon Kwon, Managing Partner at Cha & Kwon Law Offices, gave a presentation at the National Assembly Members’ Office Building titled “Conflicts of Interest in Virtual Asset Services and Global Regulatory Trends.” He identified six major regulatory challenges in the virtual asset sector:

1. Custody and Trading Functions
Offering both custody and trading under one entity creates conflicts of interest. Regulators are increasingly requiring these functions to be separated.

2. Market Making and Proprietary Trading
When exchanges trade on their own platforms, it raises fairness concerns. Hong Kong bans it entirely; the U.S. enforces limits.

3. Self-Issued Tokens
Listing and promoting tokens issued by the platform can distort prices. The EU has strengthened disclosure rules; Hong Kong restricts retail access unless conditions are met.

4. Intra-Group Transactions
Transactions within corporate groups can obscure fund flows. The EU, Japan, and Hong Kong demand more transparency and tighter internal controls.

5. Insider Trading
Misusing non-public information, such as listing details, is heavily regulated—similar to traditional financial markets in the UK and EU.

6. Customer Asset Management
Improper handling of user funds poses major risks. Japan requires cold wallet storage through trust banks, and Singapore mandates separate trust accounts.

Attorney Kwon also reviewed regulations in the U.S., Japan, the EU, Hong Kong, and Singapore. He noted, “Global rules on asset segregation, insider trading, and affiliate transactions are becoming tougher, with countries moving toward similar standards.”

He concluded, “The regulatory gap is narrowing, with increasing demand for transparency and trust on par with traditional finance.” [IT동아 2025. 03. 24.]

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