South Korea to Implement Crypto Regulatory Framework Next Year: Report

Yoon Seok-youl’s government will reportedly present crypto-friendly legislation in 2023.
The new government of South Korea will reportedly finish the regulatory framework on the local digital asset ecosystem next year and implement it in 2024. The legislation will strive to include cryptocurrencies like bitcoin into the country’s institutional system.
In addition, the authorities have greenlighted the Bank of Korea’s measures to launch a CBDC in 2023.
South Korea Embracing Crypto
Just two months after Yoon Seok-youl guaranteed a victory in South Korea’s presidential elections, his management touched upon the cryptocurrency industry. According to local coverage, the authorities will pass the Digital Assets Basic Act in 2023, meaning that crypto will be completely supervised in the country.
The initiative should contain bitcoin and the altcoins into the country’s institutional system and give domestic investors improved protection when dealing with the asset class.
The legislation will be founded on international benchmarks as the Korean officials promised to partner with the Bank of International Settlements (BIS), and the Financial Stability Board (FSB), as well as American and European guardians before officially introducing it.
The New President and Crypto
Yoon Seok-yuol stated his favorable view of the digital asset sector during his presidential campaign by originally outlining plans to permit initial coin offerings (ICOs).
Later on, he swore to change the crypto taxation policies in the country, saying people should be taxed if their annual gains from such investments surpass $40,000. Currently, the taxation threshold is $2,000.
Anndy Lian – Chairman of BigONE Exchange – stressed the leader’s approach towards making South Korea a center of the crypto industry:
“He understands the importance of crypto, he also understands the future, and it is unstoppable.”
A recent study displayed that the digital asset market is an appealing niche for Koreans. The most widespread cryptocurrency is bitcoin, as locals own around $5 billion worth of it (estimated at the end of April). Ripple ranked second with $4.8 billion, while investors had distributed roughly $4.5 billion into Ether.