South Korean regulators say they’ll proceed to regulate stablecoins within the wake from the “Terra/LUNA incident.”
ZDNet Korea reported the regulatory Financial Supervisory Service (FSS) has established that a brand new Digital Assets Framework Act (literal translation) will cope with matters relating to “non-security tokens,” while cryptoassets that are called securities is going to be susceptible to regulation underneath the the existing Financial Commitment Services and Capital Markets Act.
But Seoul really wants to move in line with its worldwide counterparts, particularly around the few stablecoin regulation. Particularly, the FSS along with other regulators have was adamant that policy should be created “in a way that’s in line with overseas rules.”
Lee Bok-hyeon, the mind from the FSS, was quoted as proclaiming that there is now a consensus among regulators and policymakers that “the regulating stablecoins” must be “strengthened.”
But Lee claimed that talks “between global authorities” on “various issues” relating to cryptoassets were “ongoing.”
The very best financial regulator, the Financial Services Commission, also launched a brand new crypto task pressure today, having a view to creating policy recommendations in front of the formulation from the new act.
Political leaders are stated to become hopeful of unveiling the act prior to the finish of the season.
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Find out more:
– New South Korean Regulatory Chief Promises More ‘Fairness’ for Crypto Investors
– Columbia to produce a Crypto Regulatory Agency in Wake of LUNA Crash
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– Pay Your Traffic Fines or We’ll Confiscate Your Crypto – S Korean Police Pilot Grants Officials New Forces
– South Korea’s SK Securities to Get together with Regional Bank for Crypto Child custody, NFT Move
– Hyundai’s Securities Affiliate to include Crypto Data to the Asset Management Platform
