The Korean Digital Asset Industry Committee, composed of top blockchain experts in South Korea, has called for a government committee to help and promote the digital asset business in the country.
A panel of experts gathered on Thursday to discuss the various ways in which Korea can become a leading digital asset market and what role the government should play to achieve this. Experts believed that blockchain and cryptocurrencies would become the key tools of the fourth industrial revolution.
Blockchain experts called on the government to support the nascent cryptocurrency industry along with other emerging use cases such as decentralized finance, decentralized autonomous organizations, non-fungible tokens, and the metaverse.
South Korea’s cryptocurrency regulations are considered among the toughest given that almost 200 small and medium-sized cryptocurrency exchanges were forced to close their operations after regulators ordered cryptocurrency exchanges to create bank accounts for users with real names.
Related: KB Bank to Launch South Korea’s First Cryptocurrency Investment Fund
The Financial Conduct Authority, the top regulator in the country, also banned exchanges from conducting anonymous transactions and banned the use of wallets for privacy. Regulators had previously proposed a 20% tax on cryptocurrency profits, but the proposal was shelved due to a lack of clarity regarding cryptocurrency regulations. Although regulators have shown a strict stance towards the virtual asset market, they appear to be quite optimistic about the metaverse as the country announced a $187 million investment in the national metaverse project.
The South Korean cryptocurrency market has flourished despite regulatory hurdles and has grown to $45.9 billion in 2021.
The Korean Digital Asset Industry Committee, composed of top blockchain experts in South Korea, has called for a government committee to help and promote the digital asset business in the country.
A panel of experts gathered on Thursday to discuss the various ways in which Korea can become a leading digital asset market and what role the government should play to achieve this. Experts believed that blockchain and cryptocurrencies would become the key tools of the fourth industrial revolution.
Blockchain experts called on the government to support the nascent cryptocurrency industry along with other emerging use cases such as decentralized finance, decentralized autonomous organizations, non-fungible tokens, and the metaverse.
South Korea’s cryptocurrency regulations are considered among the toughest given that almost 200 small and medium-sized cryptocurrency exchanges were forced to close their operations after regulators ordered cryptocurrency exchanges to create bank accounts for users with real names.
Related: KB Bank to Launch South Korea’s First Cryptocurrency Investment Fund
The Financial Conduct Authority, the top regulator in the country, also banned exchanges from conducting anonymous transactions and banned the use of wallets for privacy. Regulators had previously proposed a 20% tax on cryptocurrency profits, but the proposal was shelved due to a lack of clarity regarding cryptocurrency regulations. Although regulators have shown a strict stance towards the virtual asset market, they appear to be quite optimistic about the metaverse as the country announced a $187 million investment in the national metaverse project.
The South Korean cryptocurrency market has flourished despite regulatory hurdles and has grown to $45.9 billion in 2021.
