South Korea Hopes To Institutionalize Crypto By 2024
South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023.
Harshvardhan
7:30 12th May, 2022
Policy
Yoon’s administration intends to develop a bill for the “Digital Asset Basic Act” this year, local media reported, citing a leaked report.
The Yoon administration confirmed the validity of the leak but added the draft is not a final copy of the bill.
The draft included measures to protect investors and stabilize transactions by regulating the issuance, listing, and market activities of digital assets including non-fungible tokens (NFTs), local media reported.
Plans reportedly include reviewing the development of the nation’s central bank digital currency.
