A new committee, led by private sector experts in South Korea, aims to prioritize crypto legislation and Bitcoin ETF rulings.
New Crypto Regulation Body to Launch in South Korea
South Korea will soon establish a new regulatory body called the Virtual Assets Committee. The body will operate under the Financial Services Commission (FSC) and aims to address crucial issues like Bitcoin ETF approval.
Accelerating Crypto Discussions
The committee is expected to speed up discussions on Bitcoin and Ethereum spot ETFs, a process long delayed by the FSC. With industry and political pressure mounting, it hopes to provide clarity on crypto investments, including corporate virtual asset accounts.
Committee Composition and Goals
The 15-member committee will include government officials and experts from the private sector. They will tackle crypto legislation and the integration of corporate virtual asset investments.
Growing Industry Demand
Many South Korean firms are eager to invest in Bitcoin, Ethereum, and altcoins but await regulatory approval. Experts believe the new committee will address this, allowing local companies to compete with global firms already diving into the crypto space.
I think we need to strike a balance between [investor] protection and fostering [the crypto market]. Since there is much to do in terms of improving the system, we will form a Virtual Asset Committee. Its members will comprise private sector experts. And this body will look into the matter comprehensively.
— Kim Byung-hwan, Financial Services Commission Chairman
Industry Transformation on the Horizon
As South Korea takes significant regulatory steps, its crypto market could see rapid changes. The Virtual Assets Committee may balance investor protection with fostering industry growth, paving the way for greater innovation and crypto adoption.
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