South Korea Financial Regulator Will Support Blockchain Technology

The head of South Korea’s main financial regulator, the Financial Services Commission (FSC), Kim Joo-Hyun, announced on Thursday that the agency will support blockchain technology and customer safeguards in the cryptocurrency market.

Kim said during his opening remarks at the National Assembly parliamentary audit on the FSC:

“In cooperation with the National Assembly, we will actively support the establishment of a regulatory system for virtual assets that balances innovation through new technologies such as blockchain, consumer protection and financial stability.”

Kim also highlighted the FSC’s forthcoming financial regulatory reform in keeping with the digital transition age, which includes examining the present prohibition on financial institutions such as banks directly joining the crypto market.

He also stated that the FSC would use current cryptocurrency regulations to regulate virtual asset service providers (VASP) and that the agency will collaborate with other departments such as investigative agencies to guarantee a safer environment for crypto consumers.

South Korea is planning new cryptocurrency legislation, provisionally dubbed the Digital Asset Basic Act, which is coming next year and would set tougher criteria for crypto token issuers and developers.

A recent event of interest has been the intense pursuit from the authorities of Terraform Labs, whose project collapsed in May following events affecting the crypto market. Do Kwon, the co-founder of the project is still indifferent to Interpol’s arrest warrant.

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