Report: South Korean Regulatory Authority Intends To Review Cryptocurrency Legislation

The chairman of the Financial Services Commission of South Korea stated that the watchdog has a strategy to speed up the review of up to 13 bills remaining in the National Assembly of the country related to digital assets. As per a report that was published by a local news outlet named Edaily, Kim Joo-Hyun (the chairman of FSC) mentioned that a task force comprising government ministries and private experts will swiftly review the legislation related to cryptocurrencies.

South Korean Financial Regulator Plans Crypto Law’s Immediate Review

Kim, while speaking with the Digital Asset Committee, disclosed that the financial regulator would provide organizational supplements to have a balanced attitude toward the development of blockchain, market stability, as well as investor protection. The chair added that even in advance of the legislation, they will take self-regulation endeavors to assist the industry as well as to protect the investors in a better way.

He specified that they are taking measures on an international level to bring stability to the education system as well as to minimize the hazard associated with the security of the customers without hindering the advancement being made in the technological world. The remarks made by the chairman of the South Korea-based financial regulator are witnessed after the circulation of the reports asserting that the country has plans to develop a thorough agenda over crypto by 2024 under the name “Digital Asset Basic Act.”

LUNA Crash Impacts Crypto Market Badly

After the downfall of LUNA (Terra), presently rebranded as Terra Classic (LUNC), several reports pointed out that the authorities within South Korea had elevated the enforcement and investigation efforts, taking into account a strategy to introduce the Digital Assets Committee having an objective of offering investor protection as well as the listing criteria. In July, up to 7 crypto exchanges has reportedly raided by prosecutors in South Korea.

Under the reign of Yoon Suk-yeol, the President of South Korea who took his place in May, several moves have been made by the country to turn into an additionally crypto-friendly regulatory atmosphere during an enormous drop witnessed in the market along with the dispute associated with Terra collapse. Terraform Labs’ co-founder, Do Kwon, has reportedly undergone legal scrutiny as well as calls to participate in a parliamentary hearing dealing with the issue.

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