The major issue of conflict remains the interpretation of the existing laws on whether a lending company that lends cash using virtual assets as collateral is considered a virtual asset business operator.
Sang-ho said that these FIU sanctions leave a lot of room for unreasonable legal interpretation and arbitrary application, and such behavior by financial authorities could kill the domestic virtual asset industry.
Delio argued that it is unclear whether virtual asset deposits and management products are considered financial products under the current law. One of the lawyers for the firm noted that there are no provisions for virtual asset-related laws and regulations regarding the virtual asset management business.
The lawyer said that the FIU arbitrarily interpreted virtual asset deposits and management products as financial investment products and sanctioned them, which is the wrong interpretation of the law.
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