Korean blockchain experts seek the government's help for digital asset market
The Korea Digital Asset Industry Committee meeting discussed crypto tax, DeFi markets, nonfungible tokens and metaverse during their meeting on Thursday. The Korea Digital Asset Industry Committee comprising of leading Blockchain experts in South Korea has called for the formation of a government committee dedicated to helping and advancing digital asset businesses in the country.The group of experts gathered on Thursday to discuss various ways in which Korea could become a leading digital asset market and what role the should government play to achieve that. The experts believed that....
Related News
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....
Adding to the South Korean cryptocurrency industry’s stricter regulations, the central government is focusing on the “crackdown” of illegal crypto transactions. A meeting over the week held with high-ranked politicians resulted in a campaign that will soon be deployed. Government Seeks International Help to Monitor International Crypto Exchanges According to Chosun, the South Korean Government met with politicians, law enforcement, and financial watchdog authorities to take down illicit transactions from what they named an “overheated market.” The meeting was....
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government’s Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday. The Korean National Assembly and the government held an emergency meeting with the....
Over the past few weeks, Ethereum has experienced a truly exponential growth in terms of market cap and development community, reaching a market cap of $4.37 bln. According to various sources and market data, the South Korean exchange market has accounted for 17 percent of global Ethereum trading. Companies within the South Korean digital currency and Blockchain industries are rapidly expanding their consumer base across the country. Interestingly, the majority of clients of Blockchain and digital currency-based startups in South Korea are composed of government-funded organizations, major....
The South Korean government is moving to lessen the burden on FinTech companies who use bitcoin for foreign currency transfers by lowering their minimum capital requirements. According to a report from Korean news outlet PulseNews, local FinTech companies who offer bitcoin-mediated foreign currency transfer services will see easier regulations come July this year. There are about 20 FinTech companies who use bitcoin for foreign currency transfer services to Korean citizens. The South Korean government is set to lower the minimum equity capital criteria for FinTech companies in the foreign....