• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, August 9, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

South Korean Government Calls for Voluntary Regulations From Crypto Industry – Regulation Bitcoin News

June 15, 2022
in Regulation
Reading Time: 4 mins read
A A
ShareShareShareShareShare

Related articles

Circle says freezing wallets went against its beliefs on an open internet

August 9, 2022

What Crypto Regulators Can Learn from Biotech

August 9, 2022

The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets.

Government Asks South Korean Crypto Sector for Regulatory Proposals

Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans.

Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms.

The report by the English-language TV network noted that South Korea’s crypto assets market stood at 55.2 trillion Korean won, or around $43 billion, at the time of writing. Furthermore, 24 cryptocurrency exchanges licensed in the country process a daily average of 11.3 trillion won (over $8.7 billion) in transactions, reflecting the rapid growth of the market in the past few years.

South Korean authorities, however, think that current regulations are insufficient as a response to the rapid expansion. That’s why the government and South Korea’s leading political force are calling on the sector to propose “voluntary regulatory measures” while many other nations are looking into the impact of digital currencies on their financial systems and economic policies.

More than a dozen crypto-related bills are now pending in the Korean National Assembly, Arirang added, and the country’s Financial Services Commission is planning to propose more legislation tailored to protect investors from the swings of the crypto market.

At the same time, the Governor of the Financial Supervisory Service Lee Bok-hyun has been quoted as emphasizing the need for a reasonable regulation system. Such as would allow the crypto asset market to have what he described as responsible growth.

Tags in this story
Crypto, crypto assets, crypto industry, crypto market, crypto regulations, crypto sector, Cryptocurrencies, Cryptocurrency, Government, korea, korean, Measures, party, Regulation, Regulations, regulatory measures, South Korea, south korean

Do you expect the Korean crypto industry to propose its own regulations? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Credit: Source link

ShareTweetSendPinShare
Previous Post

Bit.com Enables Trading of Staked Ether on Spot and Perpetual Futures Markets

Next Post

Kevin O'Leary Says ‘Panic Event’ Is Needed Before Crypto Bottoms – CoinDesk

Related Posts

Circle says freezing wallets went against its beliefs on an open internet

August 9, 2022

USDC stablecoin issuer Circle released a statement to clarify its stance after freezing all ETH addresses affected by the U.S. Treasury...

What Crypto Regulators Can Learn from Biotech

August 9, 2022

Blockchain technology and the digital asset ecosystem catapulted into mainstream consciousness in recent years, likely profiting from the flight of...

US vows to ‘aggressively pursue’ crypto mixers following Tornado Cash sanctions

August 9, 2022

U.S. Secretary of State Anthony Blinken warned that the administration would continue to “aggressively pursue” crypto mixers suspected of laundering...

Thailand’s central bank to get more power in overhaul

August 9, 2022

Thailand’s central bank will receive more power as the South-East Asian nation steps up regulation of digital assets, said Thai...

After US bans crypto mixing service Tornado Cash, experts call for regulation in India

August 9, 2022

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday banned the popular virtual currency mixer...

Load More
Next Post

Kevin O'Leary Says ‘Panic Event’ Is Needed Before Crypto Bottoms - CoinDesk

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Welly achieves Uber Eats landmark

August 5, 2022

Australia-based crypto miner doubles hash rate after energizing Canadian rigs

August 8, 2022

Alchemy Expands Into Polkadot Ecosystem Via A…

August 4, 2022

British soccer club starts accepting Bitcoin for matchday tickets

August 3, 2022

Crypto Regulations: Is Cyprus a Crypto Tax Haven?

August 5, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Reddit is forging ahead with blockchain adoption push with FTX partnership
  • Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon?
  • Circle says freezing wallets went against its beliefs on an open internet

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$23,134.00-3.39%
  • ethereumEthereum(ETH)$1,691.20-5.31%
  • tetherTether(USDT)$1.00-0.06%
  • usd-coinUSD Coin(USDC)$1.000.16%
  • binancecoinBNB(BNB)$320.98-2.14%
  • Binance USDBinance USD(BUSD)$1.000.15%
  • rippleXRP(XRP)$0.366864-3.83%
  • cardanoCardano(ADA)$0.51-4.61%
  • SolanaSolana(SOL)$40.27-5.38%
  • polkadotPolkadot(DOT)$8.81-5.07%
  • dogecoinDogecoin(DOGE)$0.068861-2.03%
  • AvalancheAvalanche(AVAX)$27.48-4.13%
  • daiDai(DAI)$1.000.23%
  • Lido Staked EtherLido Staked Ether(STETH)$1,628.95-5.48%
  • Shiba InuShiba Inu(SHIB)$0.000011-8.37%
  • matic-networkPolygon(MATIC)$0.89-4.34%
  • tronTRON(TRX)$0.068909-2.33%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,106.00-3.58%
  • ethereum-classicEthereum Classic(ETC)$36.76-3.55%
  • OKBOKB(OKB)$18.19-2.17%
  • leo-tokenLEO Token(LEO)$4.78-1.43%
  • litecoinLitecoin(LTC)$59.07-6.50%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.37-1.15%
  • chainlinkChainlink(LINK)$8.681.39%
  • FTXFTX(FTT)$29.77-6.22%
  • UniswapUniswap(UNI)$8.35-5.88%
  • CronosCronos(CRO)$0.144775-4.31%
  • cosmosCosmos Hub(ATOM)$11.26-4.34%
  • stellarStellar(XLM)$0.122108-9.19%
  • FlowFlow(FLOW)$2.96-0.92%
  • moneroMonero(XMR)$156.65-6.80%
  • bitcoin-cashBitcoin Cash(BCH)$134.21-7.30%
  • algorandAlgorand(ALGO)$0.348646-5.02%
  • vechainVeChain(VET)$0.030093-5.34%
  • ApeCoinApeCoin(APE)$7.02-4.31%
  • filecoinFilecoin(FIL)$8.03-10.44%
  • Internet ComputerInternet Computer(ICP)$7.83-6.41%
  • ChainChain(XCN)$0.0893392.74%
  • decentralandDecentraland(MANA)$1.02-6.87%
  • HederaHedera(HBAR)$0.074143-7.12%
  • The SandboxThe Sandbox(SAND)$1.29-4.71%
  • QuantQuant(QNT)$123.41-5.01%
  • tezosTezos(XTZ)$1.79-5.62%
  • Axie InfinityAxie Infinity(AXS)$17.65-6.14%
  • theta-tokenTheta Network(THETA)$1.54-5.63%
  • FraxFrax(FRAX)$0.99-1.22%
  • ElrondElrond(EGLD)$61.68-7.43%
  • AaveAave(AAVE)$97.56-5.54%
  • true-usdTrueUSD(TUSD)$1.000.12%
  • Lido DAOLido DAO(LDO)$2.22-8.86%