News

South Korea Is Difficult To Establish Crypto Regulation In The Near Future

South Korea’s top financial watchdog said Monday that establishing regulations controlling the cryptocurrency business in the nation before a uniform worldwide regulatory framework would be challenging since cross-border enforcement would be a crucial driver of efficacy.
South Korea Is Difficult To Establish Crypto Regulation In The Near Future 4

This comes as South Korea’s Financial Services Commission (FSC) has expressed alarm about the country’s ambitious new cryptocurrency law, which is presently being developed.

Park Joo-young of FSC’s Financial Innovation Division said:

“There may be a feeling of urgency due to regulatory void, but it is important to create a regulatory framework that has international consistency. Until international consistency is achieved, it will be difficult for Korea to create a regulatory system in solitary.”

Park’s remark on Monday, made at the National Assembly’s policy discussion on initial coin offers (ICO), calls into question South Korean President Yoon Suk-yeol to quickly institutionalize digital currencies. Yoon’s government is said to be working on legislation that would go into force in 2024 by next year.

South Korean President Yoon Suk-yeol

The FSC representative, on the other hand, said that it is impossible to begin developing the framework since the bill has not yet been finished; he also mentioned that 14 pieces of legislation connected to cryptocurrencies are still pending in the National Assembly.

South Korea, where one out of every ten residents uses cryptocurrency, has witnessed an increase in the amount of conversation around cryptocurrency promotion since Yoon was elected president in May.

South Korea Is Difficult To Establish Crypto Regulation In The Near Future 5

Yoon has promised to reintroduce ICOs, which were outlawed by the FSC in 2017, as well as a new crypto policy provisionally termed the digital asset fundamental act in support of crypto.

The measure, which follows Korea’s anti-money laundering limitations on crypto exchanges last year, will most likely be based on holding token issuers and crypto developers to higher standards in order to safeguard customers and avoid a repetition of the multibillion-dollar Terra-LUNA catastrophe.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Cryptos to Buy in December 2024: Qubetics Presale Goes Ballistic as Ethereum and Quant Look to Build Momentum

Best Cryptos to Buy in December 2024: Qubetics ($TICS) presale explodes, Ethereum (ETH) eyes a…

1 hour ago

USDC and CCTP to launch on Aptos, with Stripe adding Aptos support in crypto products

Palo Alto, California, 21st November 2024, Chainwire

3 hours ago

Best Cryptos to Buy: Qubetics Set to Rise, Bitcoin Knocks at $100k Milestone, Avalanche to Release 1.67M Tokens

Best Cryptos to Buy: Qubetics presale rockets ahead, Bitcoin nears $100k, and Avalanche prepares to…

4 hours ago

Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

London, United Kingdom, 21st November 2024, Chainwire

4 hours ago

Native USDC on Aptos Coming Soon to Boost DeFi and P2P Transactions

The move will see developers utilize USDC on Aptos in creating dApps on a wide…

5 hours ago

Coinshift Launches csUSDL, Announces Strategic Partnerships

Abu Dhabi, UAE, 21st November 2024, Chainwire

5 hours ago

This website uses cookies.