An important market for the cryptocurrency market South Koreahas started working to prepare the second phase bill to expand cryptocurrency regulations. According to local media reports, the draft law is aimed to come into force in the second half of the year. The country’s Financial Services Commission (FSC) announced the key issues the bill will address at a meeting on Wednesday.
FSC Vice President Kim So-young“The world’s major economies are accelerating cryptocurrency regulations to ensure investor protection and eliminate regulatory uncertainties,” he said in his statement at the meeting. Reminding that the first regulatory framework came into force last year, Kim emphasized that the new law should adopt a comprehensive approach.
What Issues Will the New Law Address?
Among the main issues discussed at the meeting cryptocurrency exchangesTransparency of the listing processes in . FSC aims to raise standards and ensure transparency in new listings. It is also on the agenda to impose an obligation on cryptocurrency service providers to disclose the same level of information as traditional financial companies.
Kim So-young said regulations affect not only exchanges but also users and cryptocurrency marketHe stated that it will be prepared to include: Additionally, regulators should consider global practices stablecoinIt also evaluated reserve asset management and user refund rights of .
The previously enacted regulation obliged exchanges to store at least 80 percent of user cryptocurrencies in cold wallets. Such stringent standards are expected to be further expanded with the new bill.
South Korea Continues to be a Pioneer in the Cryptocurrency Market
South Korea has one of the largest and most active cryptocurrency markets in the world. in the country upbit Last month, the exchange stood out as the world’s third largest centralized cryptocurrency exchange by transaction volume.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
