South Korea's Financial Watchdog to Expedite New Crypto Rules: Report

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South Korea's financial watchdog wants to fast-track the review of proposals for new crypto laws, local media outlet Edaily reported Thursday.

  • A task force made up of experts and staff from relevant ministries will quickly review proposed virtual asset legislation, Kim Joo-hyun, chairman of South Korea's Financial Services Commission (FSC), said at a meeting held at the Parliament complex in Seoul on Thursday, Edaily said.

  • There are 13 proposals for new crypto legislation waiting, Kim said.

  • The meeting marked the inauguration of a special committee on digital assets, which was announced in June following the collapse of crypto firm Terra in May.

  • Terra's collapse sent shock waves through the industry and inspired regulators to accelerate the process of establishing rules on crypto for operators and consumers. In South Korea, prosecutors raided seven crypto exchanges in July as part of an investigation into Terra.

  • South Korean government officials have previously said they will begin work on a comprehensive legislative framework, the Digital Asset Basic Act, in October, after U.S. regulators issue reports ordered by President Joe Biden’s executive order on crypto.

Read more: South Korea Postpones 20% Crypto Tax to 2025