Who issues virtual assets?

Virtual asset issuance is not handled by the same entity but is divided into "types with an issuing entity" and "types generated without an issuing entity" depending on the issuance structure.

For virtual asset issuance with an issuing entity, the method is used in which a specific foundation or company directly designs the token, determines the issuance amount, and issues it in bulk.

For example, Ripple has a structure in which the Ripple Foundation, as the issuing entity, generates the entire amount in advance and distributes and manages it.

On the other hand, when there is no issuing entity, it is generated by network participants without a centralized institution responsible for issuance.

Representatively, Bitcoin has a structure in which new coins are issued in the form of rewards during the mining process, and no specific entity controls the issuance.

Ultimately, virtual asset issuance needs to be understood by distinguishing it not as "who issues" but as "whether it is a structure designed and distributed by a central entity or generated through network participation."

Such structural differences serve as important criteria not only for the distribution method but also for determining the applicability of regulations or the legal liability subject.