The newly elected South Korean president plans to change digital asset legislation by 2023 to maintain the country’s position as an industry leader.
New President Yoon Suk-yeol’s Administration to “Institutionalize the Cryptocurrency Industry” by 2024 reported South Korean edition of Kukmin. Journalists, referring to a document that fell into their hands, write that the new administration will pass the Digital Assets Basic Law (DABA) as early as next year.
According to the report, the law on cryptocurrencies will be developed in accordance with international standards and will take as a basis the experience of the world’s largest economies. South Korea’s Financial Stability Board (FSB) plans to work with the Basel Bank for International Settlements (BIS) and US and EU regulators.
The government is going to expand the existing infrastructure for crypto-to-fiat transactions and allow more banks to create their own platforms. Now in South Korea, only four banks have such an opportunity. Also, the authorities of the country plan to institutionalize non-fungible tokens (NFT) and introduce an ICO regulation system.
The publication reported that the administration confirmed the authenticity of the document, but the project itself has not yet been approved and needs to be finalized. The development of a central bank digital currency (CBDC) and its regulation parameters are discussed.
In March, South Korean tax authorities met with colleagues from the UK and Bulgaria to improve the effectiveness of legislation and toughen prosecution for tax evasion on cryptocurrencies.
Source: Bits
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