https://www.koreatimes.co.kr/www/biz/2024/10/175_383627.html
Virtual assets put on back burner in Assembly audit due to lack of experts
The National Assembly audit this year is once again expected to overlook the virtual asset market, similar to last year, as no witnesses in the field have been selected.
www.koreatimes.co.kr
The National Assembly audit this year is once again expected to overlook the virtual asset market, similar to last year, as no witnesses in the field have been selected. The Assembly’s National Policy Committee, responsible for fiscal oversight, recently finalized a list of individuals to be questioned during the audit sessions, which are scheduled to begin on Thursday, starting with the Financial Services Commission (FSC), the country’s top financial regulator.
virtual asset = crypto currency = digital asset 가상자산, 암호화폐, 가상화폐, 디지털 자산
Assembly audit 국정 감사
put on the back burner = put on ice = put on the sidelines ~을 보류하다, ~을 뒷전에 놓다, ~을 뒤로 제쳐두다
put on the front burner 최우선 사항으로 놓다
overlook = miss = disregard = neglect = ignore = pay no attention to = pay no heed to = turn a blind eye 간과하다, 무시하다, 못본체하다
National Policy Committee 정무 위원회, 국가 정책 위원회
fiscal oversight 재정 감독
oversight = supervision = superintendence = administration = management 감독, 관리, (잊어버리거나 못 보고 지나쳐서 생긴) 실수, 간과
audit session 감사 기간, 회계감사 세션
Financial Services Commission (FSC) 금융 위원회
financial regulator 금융 규제기관, 금융 규제당국
Among the witnesses selected were Woori Financial Chairman Yim Jong-yong and Qoo10 CEO Ku Young-bae as well as Kim Kwang-il, a partner at MBK Partners. However, no witnesses related to virtual assets were included in the list. Industry officials noted virtual assets have taken a back seat due to other incidents that caused significant controversy in the financial sector.
related to = as for = as to = regarding to = concerning = with reference to = connected to = linked to = associated with = involved in ~와 관련된
take a back seat (다른 사람에게 더 중요한 위치를 주고) 뒷자리에 서다
industry official = industry expert = industry pundit = market observer 산업 관계자, 시장 관찰자
cause controversy = stir up controversy = raise controversy = trigger controversy 논란을 일으키다
financial sector 금융 부문
Woori Financial Group has faced criticism over huge inappropriate loans extended to relatives of its former chief, while Singapore-based e-commerce platform Qoo10 has been at the center of controversy over the massive cash crunch at its two Korean affiliates — TMON and WeMakePrice. Kim from the private equity firm has overseen the high-profile tender offer for Korea Zinc.
face criticism over = take flak = be criticized ~에 대해 비난받다
criticize = accuse of = blame = reprimand = rebuke = reproof = reproach = admonish = deprecate = tell off = scold 비난하다, 비판하다
inappropriate = inadequate = immoderate = unreasonable = irrational = improper = inapt = unfit = unbefitting = absurd 부적절한, 적합하지 않은, 비적절한
at the center of controversy 논란의 중심에 있는
the talk of the town 장안의 화제, 소문의 화제
be on the hot seat 곤경에 처하다, 곤경에 빠져서
cash crunch = financial difficulties = stringency of capital = lack of funds 자금난
high-profile 세간의 이목을 끄는
low-profile 대중의 관심이 낮은, 주목을 거의 못 받는
tender offer 공개 매입, 공개 매수
As a result, the virtual asset sector has been left out of the Assembly audit for the second consecutive year. Last year’s audit did not include any witnesses related to the industry, either. In the 2022 audit, when the virtual asset industry faced major challenges such as the Terra-Luna crisis, the committee selected several witnesses, including Lee Sirgoo, the CEO of Dunamu, which operates the nation’s leading cryptocurrency exchange Upbit.
as a result = in the wake of = in the aftermath of = in the fallout from = consequently = as a consequence = as a sequel to ~의 결과로, 그 결과
for the second consecutive year = for the second straight year = for the second year in a low = for the second successive year 2년 연속, 2년 연이어
virtual asset industry 가상자산 산업
face major challenges 주요 도전에 직면하다
cryptocurrency exchange 가산자산 거래소
Nevertheless, calls to address issues related to virtual assets in the Assembly audit continue to be raised. With about three months having passed since the implementation of the Virtual Asset User Protection Act, there is a call to assess the current situation following its enactment. In addition, given the wave of virtual asset exchange closures this year, the status of asset returns from these closed exchanges is being highlighted as a critical issue that must be examined.
address issue = resolve issue = solve an issue = settle an issue 문제를 해결하다
calls are raised 요청들이 발생하다, 요구들이 증가하다
implementation of acts = adoption of acts 법률의 시행, 법령의 도입
enactment = legislation = legalization 법률의 제정, 입법
access = evaluate = estimate = appraise = value = rate = judge = measure = gauge 평가하다, 측정하다
given that = considering = inasmuch as = in consideration of ~을 고려해볼때
highlight = stress = emphasize = underline = underscore 강조하다
critical issue = important issue 중요한 문제
examine = investigate = explore = study = dig into = prove = substantiate = review = analyze = dissect = go into the investigation = inspect 조사하다, 분석하다, 해부하다, 연구하다
“There is concern that if virtual asset-related issues are not addressed in the Assembly audit, discussions on the second phase of the act could be further delayed,” an official from a cryptocurrency exchange said. Other officials expressed disappointment over a low level of interest or understanding by the committee members regarding virtual assets.
there is concern that ~우려가 있다, ~에 대한 우려가 나오고 있다
discussion on = conversation on = discourse on ~에 대한 의논, ~에 대한 논의
express disappointment over ~에 대한 실망감을 표현하다
a low level of interest 낮은 관심
a low level of understanding 낮은 이해도
regarding = as for = as to = in terms of = in reference to = as regards = as respects = with respect to = referring to = with regard to = concerning ~에 관한, ~와 관련해서
The act came into effect this year after consolidating 19 bills related to virtual assets from the previous 21st Assembly, which ended its tenure in May. Most of the lawmakers who proposed these 19 bills either failed to be re-elected or moved to other committees. This means that there are currently very few “experts” with experience in proposing virtual asset-related legislation within the committee. “It is seen that the current committee members who are not familiar with virtual assets are in the process of adapting,” another industry official said. “There seems to be a greater need for communication with the industry.”
come into effect = implement = enforce = bring into practice = put into practice = carry into force = put into force 시행하다, 발표하다, 실시하다
consolidate = strengthen = solidify = cement = stiff = enhance = beef up = ramp up = amp up = bolster = fortify 강화하다, 굳건히하다
tenure = term of office = incumbency = period of office 기간, 재임기간
propose legislation = propose bill = put forward legislation = propose law 입법을 제안하다, 법을 건의하다
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