The Korea Digital Assets Industry Committee, made up of South Korea’s leading blockchain experts, has called for the formation of a government committee dedicated to assisting and promoting digital asset businesses in the country.
The think tank met on Thursday to discuss various ways Korea could become a leading market for digital assets and what role the government should play in making it happen. Experts believed that blockchain and cryptocurrencies would become critical tools for the fourth industrial revolution.
Blockchain experts called on the government to support the nascent cryptocurrency industry along with other emerging use cases such as decentralized finance, non-fungible tokens from decentralized autonomous organizations, and the metaverse.
South Korea’s crypto regulations are considered one of the strictest, with nearly 200 small and medium-sized crypto exchanges having to close operations after regulators forced exchanges to form real-name bank accounts for users. .
The Financial Conduct Authority, the country’s top regulator, has also banned exchanges from facilitating anonymous transactions and banned the use of private wallets. Regulators had previously proposed a 20% tax on crypto profits, but the proposal was postponed amid lack of clarity on crypto regulations.. While regulators have shown a strict stance towards the virtual asset market, they seem quite bullish on the metaverse as the country announced a $187 million investment in the national metaverse project.
South Korea’s crypto market has thrived despite regulatory hurdles and became a $45.9 billion industry in 2021.
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