Who issues virtual assets?

Virtual asset issuance is not all handled by the same entity; rather, depending on the issuance structure, it is divided into a "type in which an issuing entity exists" and a "type created without an issuing entity."

In virtual asset issuance where there is an issuing entity, a method is used in which a particular foundation or company directly designs the token, determines the issuance volume, and issues it all at once.

For example, Ripple has a structure in which the Ripple foundation, as the issuing entity, creates the entire supply in advance and distributes and manages it.

On the other hand, where there is no issuing entity, they are created by the network participants without any central institution responsible for issuance.

Representatively, Bitcoin has a structure in which new coins are issued as a reward during the mining process and no particular entity controls the issuance.

Ultimately, virtual asset issuance needs to be understood by distinguishing it according to "whether it is a structure designed·distributed by a central entity, or a structure created through network participation," rather than "who issues it."

Such a structural difference operates as an important criterion not only for the method of distribution but also for determining whether regulation applies and who bears legal responsibility.

Daeryun, ranked 9th among law firms in Korea (based on 2025 National Tax Service value-added tax filings), quickly analyzes various legal issues in addition to whether regulation applies and prepares response measures.