South Korea Gives Green Light to Digital Assets Bill
Main page News, South Korea, Regulations, Cryptocurrency
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July 3, 2023

South Korea's Parliament has passed a bill to protect digital asset users.

As reported by Bloomberg, the country's authorities made the decision to pass such a law following the collapse of the Terra ecosystem.

The document has brought together 19 different bills related to cryptocurrencies. This one introduces the concept of "digital assets" and defines liability for offenses such as insider trading, market manipulation and unfair business practices.

The law empowers the South Korean Financial Services Commission (FSC) and the Bank of Korea to supervise traders and custodians in the crypto market.

The document requires the availability of insurance coverage, reserve funds and the organization of transaction accounting. The rules apply to assets such as Bitcoin, while existing capital markets legislation applies to security tokens.

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