South Korea to Hasten Review Process for new Crypto Legislation

According to a local media report, South Korea is trying to speed up the review process of pending bills in its national assembly relating to digital assets. There are 13 such bills awaiting legislation according to the reports.

The impact of the Terra crash rippled massively across the entire crypto industry. This has necessitated intensified efforts all over, to regulate cryptocurrencies and bring wrongdoings to book. To this effect, a committee of relevant experts from the private sector and government ministries is tasked with expediting the review process.

According to Kim Joo-Hyun, chair of South Korea’s Financial Service Commission (FSC), the upcoming law will maintain a balance and focus on blockchain development, investor protection, and market stability.

Also, the legislation will be in tandem with global regulations as the FSC will consult internationally during this process.

Furthermore, Kim said even before the completion of the legislation, the regulator will introduce self-regulation policies for the industry. It would also protect investors through international educational collaboration to protect consumers without sacrificing technological advancement.

This move follows an earlier announcement from the government under new President Yoon Duk-yeol of a planned Digital Asset Basic Act expected from 13 proposals. It said it would reference other countries’ regulations in forming its own legislation.

An estimated 5.6 million people of South Korea’s 51 million population trade in the digital asset space which was valued at $42 billion last year.

Countries move to better regulate the crypto industry

The recent market downturn occasioned by the Terra-Luna crash that resulted in the loss of billions of Investors’ funds and the collapse of seemingly healthy companies, governments world over are making efforts to have better crypto regulations.

Recently in the UK, an inter-party coalition of lawmakers dubbed the Crypto and Digital Assets All Party Parliamentary Group (APPG), is currently looking to regulate the crypto industry. 

The lawmakers hope to come up with a customer-centric regulation that will later be recommended to the government for implementation.

Elsewhere, US president Joe Biden has issued an executive order on digital assets with preliminary reports delivered by US Treasury back in July. Also, Senator Cynthia Lummis from Wyoming, U.S is proposing an upgrade to the nation’s crypto regulations.