South Korea Plans Crypto Legislation By 2024, Leaked Report
In a move that will see South Korea become even more crypto-friendly, President Yoon has announced his intention to establish a new regulatory framework for the crypto industry by 2024. With this new legislation in place and increasing demand for cryptocurrency services across all areas of commerce, it seems likely they can pull off another […]
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The effort will include issuing guidance for NFTs and ICOs, expanding infrastructure and supporting CBDC research. The administration of the newly-elected President of South Korea, Yoon Suk-yeol, wastes no time in its drive to maintain the country’s stature as a center for innovation as it hopes to roll out comprehensive crypto legislation in 2023 and institutionalize the sector by 2024.On May 11, South Korean newspaper Kukmin, citing a leaked governmental document, reported that the administration is looking to introduce the “Digital Asset Basic Act” (DABA) in the next year and to follow....
The FSC will reportedly “make institutional supplements that will take a balanced approach to blockchain development, investor protection and market stability" on bills proposed. The chair of South Korea’s Financial Services Commission said the regulator plans to expedite its review of 13 bills pending in the country’s National Assembly related to digital assets.According to a Thursday report from South Korean news outlet Edaily, Financial Services Commission chair Kim Joo-hyun said a task force consisting of private experts and government ministries will “quickly” review proposed....
Changes meant to postpone the introduction of a tax on virtual assets such as cryptocurrencies in South Korea have been approved by an important parliamentary committee. The draft legislation seeks to delay Seoul’s plan to impose a 20-percent levy on gains from crypto transactions.
Ahead of Election, Major Parties Support Tax Break for Crypto Investors in South Korea
South Korean parliament is taking steps to suspend a planned tax on profits from digital asset investments for another year. The move has been supported by the ruling Democratic Party, despite disagreements....
South Korea continues its notable journey regarding blockchain developments and legislation in an attempt to provide the crypto community with a transparent digital ecosystem. In this slew, the South Korean Financial Regulator now plans to establish a separate market for security tokens. With this move, regulators, intend to bring crypto security tokens, the digital form […]
Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....