The prosecution investigating the suspicion of investment in virtual assets by independent member Kim Nam-guk is reviewing whether the Wemix coin, which Congressman Kim invested intensively, can be regarded as a security.
If the coin’s securities properties are recognized, unfair acts under the Capital Markets Act can also be punished, but the fact that the court has never judged the coin as a security is a stumbling block.
Reporter Yun Woong-seong reports.
[기자]
Last month, prosecutors handed over Shin Hyun-seong, the co-founder of the Terra Luna issuer, to trial, and charged them with fraudulent illegal transactions under the Capital Markets Act.
It was judged that Terra and Luna coins, which are virtual currencies, have the nature of securities.
Just as a stock company issues securities, I heard that the issuer issued Luna Coin to raise funds.
Prosecutors are also looking into whether Wemix Coin can be viewed as securities in the investigation of the coin transaction suspicion of independent Rep. Kim Nam-guk.
The key is how to interpret the fact that the issuer, WeMade, used the money from the sale of coins for business operations, such as acquiring other game companies.
[홍기훈 / 홍익대학교 경영학과 교수 : 위메이드 같은 경우에는 자신들이 위믹스를 팔아서 자금을 조달한 돈을 비즈니스에 썼단 말이죠. 위믹스가 증권성이 아예 없다라고 얘기하는 거는 합리적이라고 보기는 어렵습니다.]
If it is revealed that Congressman Kim has engaged in illegal activities such as buying and selling coins using undisclosed information, whether or not the Wemix coin has a securities nature will be the key to determining the sentence.
If securities are recognized, charges of violating the Capital Markets Act are added, and imprisonment for life or more than 5 years may be imposed.
The level of punishment is higher than when the maximum sentence was applied for the charge of obstruction of business, which carries a maximum sentence of 5 years in prison.
However, there is a view that it cannot be classified as a security because it is difficult to see that Wemix Coin has the function of distributing business profits to investors.
In addition, there is no precedent that recognizes the securities nature of virtual currency.
It is also a burden for the prosecution that the court dismissed the arrest warrant for Shin Hyun-seong twice, saying that there was room for a fight over the alleged violation of the Capital Markets Act.
In the midst of this, as Congressman Kim worked in the camp of Democratic Party candidate Lee Jae-myung during the last presidential election, suspicions are raised that the coin sale proceeds were used as presidential election funds.
Regarding this, an official from the prosecution said, “We are looking into whether or not there is a charge by figuring out ‘what kind of transaction behavior’ was shown when ‘something’ happened,” and hinted that they would also look into coin transactions made during the presidential election.
This is YTN Yun Woong-seong.
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2023-05-29 19:57:00
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