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
