The International Review of Financial Consumers Crypto-assets and related some legal issues in financial industry

Crypto-assets or cryptocurrencies have emerged globally lately. This paper aims to discuss several issues about crypto-assets or cryptocurrencies while it introduces the some Korean issues. Recent attempts to regulate crypto-assets or cryptocurrencies are mostly to avoid/decrease regulatory arbitrage. Activities surrounding crypto-assets or cryptocurrencies may constitute pseudo-deposit taking activities subject to the related banking regulations. As cryptocurrencies are sometimes traded like money, activities dealing with cryptocurrencies may be subject to regulations about anti-money laundering (AML) and counter terrorist financing (CTF). Securities issues to protect investors are most topical; securities issues makes ICOs reviewed from an investor protection aspect thereby justifying application of securities regulations. Furthermore, the issue of accounting and taxation, and privacy issue are also important which need to keep watching.