South Korea Announced Plans to Legalize Crypto By 2024

After proposing legislation in 2023, South Korea’s new administration, led by President Yoon Suk-yeol, announced plans to build a new legal framework for crypto institutionalization by 2024. According to local media, Yoon’s administration plans to draft a bill for the “Digital Asset Basic Act” this year, citing a leaked report. The Yoon administration verified the leak’s accuracy but stressed that the draft is not the bill’s final version. South Korea hopes to institutionalize crypto by 2024 https://t.co/3PmT9fgaKT — Black Media Daily (@BMDaily1) May 12, 2022 According to local media, the draught included provisions to protect investors and stabilize transactions by regulating the issuance, listing, and trading of digital assets, including non-fungible tokens (NFTs). Plans are said to involve reviewing the nation’s central bank’s digital currency development. South Korea Becomes the Latest Country to Reform Cryptocurrency Regulations South Korea has become the latest country to reform cryptocurrency legislation and eliminate the restriction on Initial Coin Offerings. President-elect Yoon Suk-yeol declared the legalization of cryptocurrency fundraising (ICOs). In 2017, the South Korean Financial Services Commission (FSC) banned Initial Coin Offerings (ICOs). According to the commission, the embargo was driven by Crypto’s extreme volatility and speculation, as well as illicit behavior within the country. The legal body likewise ...