South Korea's Financial Watchdog to Expedite New Crypto Rules: Report

Thirteen bills related to virtual assets are waiting to be debated in Parliament, the chairman of the Financial Services Commission said.

AccessTimeIconAug 11, 2022 at 10:55 a.m. UTC
Updated May 11, 2023 at 3:56 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South Korea's financial watchdog wants to fast-track the review of proposals for new crypto laws, local media outlet Edaily reported Thursday.

  • A task force made up of experts and staff from relevant ministries will quickly review proposed virtual asset legislation, Kim Joo-hyun, chairman of South Korea's Financial Services Commission (FSC), said at a meeting held at the Parliament complex in Seoul on Thursday, Edaily said.
  • There are 13 proposals for new crypto legislation waiting, Kim said.
  • The meeting marked the inauguration of a special committee on digital assets, which was announced in June following the collapse of crypto firm Terra in May.
  • Terra's collapse sent shock waves through the industry and inspired regulators to accelerate the process of establishing rules on crypto for operators and consumers. In South Korea, prosecutors raided seven crypto exchanges in July as part of an investigation into Terra.
  • South Korean government officials have previously said they will begin work on a comprehensive legislative framework, the Digital Asset Basic Act, in October, after U.S. regulators issue reports ordered by President Joe Biden’s executive order on crypto.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.