Home » Crypto Licenses » South Korea will introduce a crypto regulatory framework in 2023

South Korea will introduce a crypto regulatory framework in 2023

In 2023, the administration of Yoon Seok-youl is expected to implement crypto-friendly laws. According to reports, South Korea’s new administration will complete the legal framework for the local digital asset ecosystem next year and implement it in 2024. The bill aims to integrate cryptocurrencies such as bitcoin into the country’s institutional framework. Furthermore, the authorities have given their blessing to the Bank of Korea’s plans to start a CBDC in 2023.

The government of Yoon Seok-youl addressed the cryptocurrency business within two months after his victory in South Korea’s presidential elections. According to local reports, the government will pass the Digital Assets Basic Act in 2023, making crypto completely regulated in the country.

The proposal should integrate bitcoin and other cryptocurrencies into the country’s institutional framework, providing local investors with more safety when dealing with the asset class.

Before formally adopting the law, Korean authorities promised to collaborate with the Bank of International Settlements (BIS), and the Financial Stability Board (FSB), as well as American and European watchdogs.

Photo by Yu Kato

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

Content Quality Supervisor

Marcello Silvestri

Copywriting and SEO review

Mario Palmieri

Leave a Reply

Your email address will not be published.

About Estonian Crypto Licenses

Estonian Crypto Licenses is a trading name of TechIuris OÜ, a company based in Tallinn, Estonia and specialised in legal and compliance solutions for European FinTech companies. We are a fully licensed company, and EVEA and e-Residency marketplace members. Here on our blog, we share the latest news on topics such as NFTs, cryptocurrencies, blockchain and much more.

Have a question or need any of our services?

Related posts