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Usha Yadav
May 12, 2022
by Usha Yadav

South Korea Announced Plans to Legalize Crypto By 2024

South Korea Legalize Crypto By 2024
After proposing legislation in 2023, South Korea's new administration, led by President Yoon Suk-yeol, announced plans to build a new legal framework for crypto institutionalization by 2024. According to local media, Yoon's administration plans to draft a bill for the "Digital Asset Basic Act" this year, citing a leaked report. The Yoon administration verified the leak's accuracy but stressed that the draft is not the bill's final version.

According to local media, the draught included provisions to protect investors and stabilize transactions by regulating the issuance, listing, and trading of digital assets, including non-fungible tokens (NFTs). Plans are said to involve reviewing the nation's central bank's digital currency development.

South Korea Becomes the Latest Country to Reform Cryptocurrency Regulations

South Korea has become the latest country to reform cryptocurrency legislation and eliminate the restriction on Initial Coin Offerings. President-elect Yoon Suk-yeol declared the legalization of cryptocurrency fundraising (ICOs). In 2017, the South Korean Financial Services Commission (FSC) banned Initial Coin Offerings (ICOs). According to the commission, the embargo was driven by Crypto's extreme volatility and speculation, as well as illicit behavior within the country. The legal body likewise forbade all types of virtual currency fundraising. Its primary motivation for adopting the ban was to manage better and control virtual currency.

Yoon's cryptocurrency pledges include initial coin offerings. The President-government elects have pledged to complete 110 goals, including tightening cryptocurrency rules and eliminating South Korea's ban on initial coin offerings (ICOs). According to reports, the government would adopt a two-track regulatory framework for ICOs, classifying digital assets as securities or non-securities.

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South Korea Announced Plans to Legalize Crypto By 2024
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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