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Experts point to ‘whether Wemix’s distribution volume is falsely disclosed’ as the most important issue in the temporary injunction to prevent the delisting of Wemix.
Cho Won-hee (52, Judicial Research and Training Institute, class 30) Representative Attorney at D’Light Law FirmHe said, “The real issue is whether or not this is a serious enough issue to list, even if there has been some misrepresentation in the information about the circulation and distribution of coins (or tokens).” “Compared to securities, the amount of issuance and circulation of securities is actually strictly controlled, but in the case of tokens, since the distribution and issuance are entrusted to the company itself, then aspects that are not as strictly controlled as in securities. ” In this unclear state, it is important to see if some information is wrong and can go all the way to delisting.”
Attorney Cho said, “In the end, the most important issue is whether tokens and securities are deemed to be nearly similar from an investor protection point of view, and what kind of character the court will define virtual assets.” “If coins are traded with limited information through a market called a virtual asset exchange, as seen by the government or the Financial Supervisory Service, then from an investor protection point of view, they will eventually see that they should have regulate them in the same way as securities,” he said. “The proposal to protect investors Yes, of course it is necessary, but in the meantime, coins have been treated differently from securities, and because they are different in terms of actual laws and regulations, if you see that they cannot do that. are considered securities, the criteria for award will be slightly more flexible.”
Regarding the impact this case will have on the virtual asset market, he said, “The general policy position on virtual currency is really focused on protecting investors, but there are also voices of concern about whether it very focused on protecting investors only. .” As the case will make an important judgment on how the court will look at investor protection standards or views as tokens, it will also have an impact on government policy.”
Meanwhile Seo Gi-won (54th, class 30th) Attorney at Dongin Law Firmanalyzed, “If the court accepts the temporary injunction, the transaction will continue as usual, but (the court) will consider how the transaction will continue and how it will affect investors and damage may occur.” “The exchange side insists it is for the protection of investors, and Wemics is likely to argue that the delisting itself can harm good investors, so the court will consider a ‘situation where shrimp will not explode in a whale fight. “
Lee In-hwan (40, bar exam 3 times) Attorney at Jeha law firm“In cases of injunctive relief, there is a tendency to exercise judgment in the way of preventing irreversible situations from occurring, and the delisting of Wemix is an irreversible decision in light of the nature of digital currency.” Although it is immediate, it is also possible to prevent damage from new investors while they are listed, so there is a possibility that Wemix’s application will be cited.”
Reporters Lee Yong-kyung and Han Su-hyun yklee shhan@
