{"id":33227,"date":"2022-08-11T16:07:39","date_gmt":"2022-08-11T20:07:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=33227"},"modified":"2022-08-11T16:07:41","modified_gmt":"2022-08-11T20:07:41","slug":"south-koreas-fsc-wants-to-evaluate-crypto-draft-legislation-report","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-koreas-fsc-wants-to-evaluate-crypto-draft-legislation-report\/","title":{"rendered":"South Korea’s FSC wants to evaluate crypto draft legislation – Report"},"content":{"rendered":"\n
The head of South Korea's Financial Services Commission (FSC) said that the body intends to speed up its evaluation of 13 digital asset-related<\/a> laws that are up for debate in the National Assembly of the nation.<\/h5>\n\n\n\n
\"South
South Korea's FSC wants to evaluate crypto draft legislation – Report<\/figcaption><\/figure>\n\n\n\n

South Korean news site Edaily reported on Thursday that Financial Services Commission (FSC) chair Kim Joo-hyun stated that a task team made up of government departments and commercial specialists will “soon” evaluate draft legislation on cryptocurrency.<\/p>\n\n\n\n

Kim further stated that the financial watchdog would “create institutional amendments that will adopt a balanced approach to blockchain development, investor protection, and market stability\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.” Kim was speaking before the Digital Assets Committee.<\/p>\n\n\n\n

Even before legislation is passed, Kim promised that the industry would begin self-regulation activities in an effort to safeguard investors. “International efforts are being made to stabilize the educational system and lower the potential for consumer protection without stifling technical advancement.”<\/p>\n\n\n\n

The head of the financial watchdog made the remarks in response to news that South Korea intended to adopt the Digital Asset Basic Act, a comprehensive framework on cryptocurrency, by 2024.<\/p>\n\n\n\n

Many reports suggested that South Korean authorities had stepped up investigations and enforcement efforts in the wake of the crash of Terra (LUNA), now known as Terra Classic<\/a> (LUNC), including a plan to establish the Digital Assets Committee with a goal of providing investor protection and listing standards. In July, seven cryptocurrency exchanges reportedly came under raid by South Korean prosecutors.<\/p>\n\n\n\n

In spite of a market dip and the controversy surrounding the collapse of Terra, South Korea has moved toward becoming a more crypto-friendly regulatory climate under President Yoon Suk-yeol, who took office in May. Do Kwon, the Terraform Labs co-founder, has apparently come under legal scrutiny and received requests to appear at a parliamentary hearing on the subject.<\/p>\n","protected":false},"excerpt":{"rendered":"

The head of South Korea’s Financial Services Commission (FSC) said that the body intends to speed up its evaluation of 13 digital asset-related laws that are up for debate in the National Assembly of the nation. South Korean news site Edaily reported on Thursday that Financial Services Commission (FSC) chair Kim Joo-hyun stated that a […]<\/p>\n","protected":false},"author":12,"featured_media":10067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-33227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Delaying-tax-laws-on-crypto-is-an-inevitable-situation-South-Korean-lawmaker.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/33227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=33227"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/33227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10067"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=33227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=33227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=33227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}