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.
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Fast facts
- Yoon’s administration intends to develop a bill for the “Digital Asset Basic Act” this year, local media reported, citing a leaked report.
- 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.
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