The Korea Digital Assets Industry Committee, made up of the leading Blockchain experts in South Korea, has called for the formation of a government committee dedicated to assisting and promoting digital asset businesses in the country.
The think tank met on Thursday to discuss various ways Korea could become a leading market for digital assets and what role the government should play in making it happen. Experts believed that blockchain and cryptocurrencies would become critical tools for 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, non-fungible tokens from decentralized autonomous organizations, and the metaverse.
South Korean crypto regulations are considered one of the hardestas nearly 200 small and medium-sized crypto exchanges had to shut down their operations after regulators forced crypto exchanges to form real-name bank accounts for users.
Related: KB Bank to Launch South Korea's First Crypto Investment Fund
The Financial Conduct Authority, the country's main regulator, has also prohibited exchanges from facilitating anonymous transactions and banned the use of privacy wallets. Regulators had previously proposed a 20% tax on crypto profits, but the proposal was postponed amid lack of clarity on crypto regulations. While regulators have shown a strict stance towards the virtual asset market, they seem quite bull in the metaverse while the country announced an investment of $187 million in the national metaverse project.
The South Korean crypto market has thrived despite regulatory hurdles and grew into a $45.9 billion industry in 2021.
Post navigation
