South Korea’s chief financial watchdog is apparently considering — albeit at a basic basic level — several proposed pieces of legislation on digital assets, including cryptocurrency.
Financial Services Commission chairperson Koh Seung-beom said Tuesday that the commission was looking at which aspects of digital assets it could consider, as well as which parts of the proposed legislation it could think about.
South Korean lawmakers have proposed several pieces of legislation that would protect investors in digital assets and cultivate the digital assets industry.
However, the only piece of digital asset-related legislation to get passed so far is the Special Financial Transaction Information Act, aimed at preventing money laundering.
According to TokenPost, Koh is not known to be a particularly crypto-friendly guy.
During his confirmation hearing last month, he told lawmakers that international bodies like the G20 and IMF and many experts believe that you can’t view digital assets as investment assets, nor can you use them as currency.
The Iconist’s note: While South Koreans — especially younger ones — are pretty keen on cryptocurrency, the South Korean government is not. So anytime you hear a high-ranking financial bureaucrat admit he’s even thinking about legislation that would essentially mainstream crypto, it’s a good thing.