Blockchain professionals discuss digital asset trends

Blockchain professionals and experts flocked to Seoul on Tuesday to discuss the latest trends surrounding digital assets.

Topics at the seminar, dubbed World Blockchain Summit Marvels Seoul 2021, revolved around wealth transfers with the arrival of digital assets, digital transformation in the world of finance, blockchain-driven business models and regulatory hurdles, as well as the world of decentralized finance.

Digital asset wallet developer Bitberry’s Chief Executive Officer Yoo Jae-bum delivered the keynote speech, explaining how to maximize profit by taking advantage of the benefits of decentralized finance -- that is, ways to use digital currency to get financial returns in a low-volatility environment.

Other speakers represented South Korean digital asset issuers for blockchain projects, including CyberVein, EXVA, Cushion Coin, Sector of Land, AndUs and Blockchain Revolution Partners; and digital wallet operators Pandagram and GHB Wallet.

The event also featured a motivational speech about entrepreneurship from Nam Min-woo, chairman and chief executive officer of network equipment maker Dasan Networks.

The seminar took place at Grand InterContinental Seoul Parnas in southern Seoul. The event was the 11th of its kind, hosted by local business community Korea CEO Summit.

This comes against the background of the regulatory framework that is building in Korea. An amendment to the Act on Reporting and Using Specified Financial Transaction Information, effective since March 25, imposed reporting requirements and anti-money laundering requirements on virtual asset service providers. Also, starting in January 2022, Korea is expected to levy taxes on financial gains from digital asset transactions.

One of the speakers -- Park Sung-joon, who heads the Blockchain Research Center at Dongguk University and blockchain platform AndUs -- urged the authorities to come up with clearer guidelines to define the obligations of virtual asset service providers before the grace period ends in September.

By Son Ji-hyoung (consnow@heraldcorp.com)