One of South Korea's main right-wing parties, People Power Party (PPP), recently announced the plan to promote a new bill to support the country's cryptocurrency assets sector.
The aim of the new legislative initiative called the “Constitution for the Promotion of Digital Assets” is to confirm the state's position as a global leader of blockchain technology and digital assets. Namely, the details of the upcoming draft law will be revealed next Monday.
In addition, the state's financial institutions reported that they work to relax their previously strict rules Cryptocurrency assets market.
South Korea gives a strategic shift toward the acceptance of digital assets
According to the South Korea News Agency News, Former Political General of the ruling party, Kim Sang-Hoon, said at the meeting that the state must move from the period of uncertainty and regulation and to the era of digital assets.
Moreover, according to reports, Kim added that the policy focused on the league's regulation, due to the government's anti -money laundering efforts, kept foreign virtual property out of the market. Based on his argument, the same factors caused the local capital to leave the local market.
Kim also described cryptocurrency as an asset class of the new economy, which could be a value for the twenty -first century.
In addition, Kim emphasized that in front of this new border, they were not sure, puzzled and could not provide a clear direction. He then asserted that they had to focus on actively promoting digital assets on initiatives.
According to the January announcement of the South Korea Financial Services Commission, the prohibition of investment in institutional investors in cryptocurrency investments will be abolished to support South Korea's digital assets.
In January, the Financial Services Commission announced that it would gradually cancel the ban institutional investors Investing in cryptocurrency.
This is actively involved in the Commission, focusing on stable rules, symbols and disclosure requirements as follows.
South Korea's proposed changes in the Virtual Asset User Protection Act
South Korea at the beginning of this month legislators Amendments to the Virtual Property Protection Act aimed at tightening the cryptocurrency exchange regulations and increasing speculative social media chat rooms for speculative cryptocurrencies.
The Korean Democratic Party Min Byoung-Dug and Kang Hoon-Sik Min Byoung-Dug and Kang Hoon-Sik invited them to sign up for chat rooms in the Financial Services Committee as quasi investment counseling companies. Currently, these units are prohibited from making false profits, ensuring income, or compensating for investment damage.
In addition, the proposed changes require cryptocurrency exchanges to inform the Commission for the Financial Services.
Meanwhile, in connection with digital assets, the legislature mini by Byung-dug filed a bill aimed at protecting consumer resources in bankruptcy of cryptocurrency exchange. The purpose of the amendment is to ensure that the rights of customers to recover their assets are not considered as a bankruptcy trustee as general unsecured requirements.
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