South Korea's Financial Watchdog Wants to 'Quickly' Review Crypto Legislation: Report
FSC" will offer institutional supplements that take a balanced approach to blockchain development, investor protection, and market stability on the proposed bills.< /p>
New
The chairman of South Korea's Financial Services Commission said the regulator plans to expedite the review of 13 bills pending in the country's National Assembly regarding digital assets.
According to a report by South Korean media outlet Edaily on Thursday, Financial Services Commission Chairman Kim Joo-hyun said a task force comprised of private experts and government departments will "promptly consider proposed cryptocurrency legislation. Kim, speaking to the Digital Assets Committee, added that the financial watchdog would "make institutional supplements that take a balanced approach to blockchain development, investor protection, and market stability." p>
"Even before the legislation, we will put in place self-regulatory efforts for the industry and do our best to protect investors," Kim said. "Efforts are being made internationally to stabilize the education system and reduce the risk of consumer protection without hampering technological development."
The financial watchdog chairman's comments follow reports that South Korea plans to establish a comprehensive cryptocurrency framework called the Digital Asset Basic Act by 2024. Following the crash of Terra (LUNA) – now renamed Terra Classic (LUC) – numerous reports suggest that South Korean authorities have stepped up investigations and enforcement efforts, including a plan to launch the Assets Committee aimed at providing investor protection and registration requirements. South Korean prosecutors also reportedly
FSC" will offer institutional supplements that take a balanced approach to blockchain development, investor protection, and market stability on the proposed bills.< /p>
New
The chairman of South Korea's Financial Services Commission said the regulator plans to expedite the review of 13 bills pending in the country's National Assembly regarding digital assets.
According to a report by South Korean media outlet Edaily on Thursday, Financial Services Commission Chairman Kim Joo-hyun said a task force comprised of private experts and government departments will "promptly consider proposed cryptocurrency legislation. Kim, speaking to the Digital Assets Committee, added that the financial watchdog would "make institutional supplements that take a balanced approach to blockchain development, investor protection, and market stability." p>
"Even before the legislation, we will put in place self-regulatory efforts for the industry and do our best to protect investors," Kim said. "Efforts are being made internationally to stabilize the education system and reduce the risk of consumer protection without hampering technological development."
The financial watchdog chairman's comments follow reports that South Korea plans to establish a comprehensive cryptocurrency framework called the Digital Asset Basic Act by 2024. Following the crash of Terra (LUNA) – now renamed Terra Classic (LUC) – numerous reports suggest that South Korean authorities have stepped up investigations and enforcement efforts, including a plan to launch the Assets Committee aimed at providing investor protection and registration requirements. South Korean prosecutors also reportedly
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