S. Korea hopes to institutionalize crypto by 2024

S. Korea hopes to institutionalize crypto by 2024

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South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023.

See related article: A crypto bull wins the presidency: What it means for South Korea

Fast facts

  • The Yoon administration confirmed the validity of the leak but added the draft is not a final copy of the bill. 
  • The draft included measures to protect investors and stabilize transactions by regulating the issuance, listing, and market activities of digital assets including non-fungible tokens (NFTs), local media reported.
  • Plans reportedly include reviewing the development of the nation’s central bank digital currency.

See related article: S.Korea’s incoming administration pushes to end ICO drought

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