South Korea is going to adopt a law on the regulation of cryptocurrencies after the United States and the European Union – Bits Media

Financial Services Commission of South Korea (FSC) questioned the statement of the president of the country about the imminent "institutionalization of digital currencies".

Head of the FSC financial innovation department PAK ZHU YUN (Park Joo-young) expressed concern about ambitious plans Heads of State for the introduction of cryptocurrencies in the corporate business:

“There may be a feeling of urgency due to spaces in regulation, but it is important to create a regulatory framework, which would correspond to the international level ".

The representative of the regulator added, that "until international agreement has not been reached, It will be difficult to create a system of regulation alone ", Therefore, the commission is now actively studying foreign practices for supervision of cryptocurrencies. Again, that it is difficult to create a general legislative framework, since the bill has not yet been finalized. Plus again 14 bills, associated with cryptocurrencies, Still on consideration in the National Assembly of South Korea.

“European Mica (Cryptoactive market standards) Not yet completed, And expected, that before the entry into force one and a half to two years will pass. There is also no appropriate regulation in the USA ", - said the head of FSC.

Initiative of the President of South Korea Yun Suk Yolya (Yoon Suk-yeol’s) consists in the speedy institutionalization of digital currencies.

Previously FSC has already stated, that when it comes to digital currencies of central banks (CBDC), International cooperation is a key factor for achieving the maximum potential of such projects. Central Bank, who are actively studying CBDC, They must take into account cross -border functionality at the early stage of designing state digital currency.

In August, seven large South Korean financial companies submitted for preliminary approval by regulators an application for the creation of an exchange of virtual assets. In September, FSC announced plans to launch a digital securities market for institutionalization and promotion of cryptocurrencies in the country.