South Korea’s financial watchdog wants to ‘quickly’ review crypto legislation: report

The chairman of South Korea’s Financial Services Commission said the regulator plans to speed up the review of 13 pending bills in the country’s National Assembly related to digital assets.

According to a report Thursday by South Korean news channel Edaily, Financial Services Commission Chairman Kim Joo-hyun said a task force made up of private experts and government ministries will “rapidly” review proposed cryptocurrency legislation. Kim, addressing the Digital Assets Committee, added that the financial watchdog “will make institutional supplements that take a balanced approach to blockchain development, investor protection and market stability.”

“Even before the legislation, we will introduce self-regulatory efforts for the industry and do our best to protect investors,” Kim said. “Internationally, efforts are being made to stabilize the education system and reduce the risk of consumer protection without impeding technological development.”

The financial watchdog’s comments followed reports that South Korea planned to establish a global cryptocurrency framework by 2024 called the Digital Asset Basic Act. After the Terra (LUNA) accident, now renamed the Terra Classic (LUNC), many reports suggested that South Korean authorities had stepped up investigations and enforcement efforts, including a plan to launch the Committee to ‘digital assets with the aim of providing investor protection and listing criteria. South Korean prosecutors also raided seven crypto exchanges in July.

Related: South Korea postpones 20% tax on crypto earnings until 2025

Under South Korean President Yoon Suk-yeol, who took office in May, the country has taken steps to become a more crypto-friendly regulatory environment amid a market slump and controversy in around the collapse of Earth. Do Kwon, the co-founder of Terraform Labs, has faced legal scrutiny and called for a parliamentary hearing on the matter.


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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!