Korea wants to institutionalize cryptocurrencies
Parliamentarians of the Democratic party formed a working group with the aim of working on transformative and progressive legislation
The South Korean Democratic Party recently organized a crypto task force with the aim of “institutionalizing” cryptocurrencies with innovative legislation. The intention is to soften the attitude of the regulator and propose progressive regulation.
The working group is made up of parliamentarians, who have experience in these types of laws since they worked on South Korea’s first legislation on cryptocurrencies in 2019.
The Financial Services Commission (FSC) has had a fairly strict and inflexible position on policing the crypto industry with measures that could leave the nation with just four exchanges by September.
However, earlier this year, high-level government ministers began to speak about the need to “take strong measures” and the initiative comes as a response from the government to those who accuse it of marginalizing and demonizing the cryptocurrency sector at a time when all other ways to make money have been shut down.
For the Secretary of the working group, Kim Byung-wook, it is very important “that we bring the cryptocurrency industry to the institutional system.” Today, exchanges and other service providers are legally classified in the lowest echelon of businesses, putting them on a legal par with nightclubs and karaoke business.
Another goal of the working group is the creation of a system that would grant crypto companies the same type of commercial rights that other companies enjoy.
M. Rodríguez
Source: cripto247.com
