The chairman of South Korea’s Financial Services Commission said the regulator plans to speed up its review of 13 bills pending in the country’s National Assembly related to digital assets.
According to a Thursday report by South Korean media outlet Edaily, Financial Services Commission Chairman Kim Joo-hyun said a working group made up of private experts and government ministries will “promptly” review the proposed legislation on cryptocurrencies. Kim, addressing the Committee on Digital Assets, 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. “Efforts are being made at the international level to stabilize the education system and reduce the risk of consumer protection without impeding technological development.”
The comments by the chairman of the financial watchdog came after it was reported that South Korea planned to establish a comprehensive framework on cryptocurrencies by 2024, dubbed the Digital Assets Basic Law.. Following the fall of Terra (LUNA), now renamed Terra Classic (LUNC), many reports suggest that South Korean authorities have stepped up investigations and enforcement efforts, including a plan to launch the Digital Assets Committee. intended to provide investor protection and listing criteria. South Korean prosecutors also reportedly raided seven cryptocurrency exchanges in July.
Under the leadership of the President of South Korea, Yoon Suk-yeol, who took office in May, the country has taken steps to become a more crypto-friendly regulatory environment, amid the market crash and controversy surrounding the bankruptcy of Terra.. Do Kwon, co-founder of Terraform Labs, has reportedly faced legal scrutiny and calls to attend a parliamentary hearing on the matter.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.