<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">A bill seeking to regulate crypto assets has passed the first review phase in South Korea’s National Assembly, <a aria-label="Herald Kyungjae reported (opens in a new tab)" href="http://news.heraldcorp.com/view.php?ud=20230424000199" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Herald Kyungjae reported</a>. The bill does not include central bank digital currencies (CBDCs) and other services the country’s central bank offers to avoid policy confusion.</p> 
<h3 id="the-crypto-regulation-bill-passes-first-phase">The Crypto Regulation Bill Passes First Phase</h3> 
<p>According to local media reports, South Korea’s crypto regulation bill passed the first phase of review in the National Assembly Tuesday. Since only the first stage of the bill’s review has been completed, the legislation has not yet passed into law.</p> 
<p>Interestingly, the bill, which primarily aims to regulate digital assets and protect consumers from potential risks, excludes CBDCs and other services offered by the Bank of Korea, the country’s central banking authority. The bill defines digital assets as an “electronic representation of an economic value that can be traded or transferred electronically.”</p> 
<p>According to Herald Kyungjae, the idea to exclude CBDCs from the forthcoming digital assets law belongs to the Democratic Party lawmaker and committee member Kim Han-gyu. Kim said the move seeks to “prevent policy confusion.”</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="how-does-the-bill-aim-to-protect-users">How Does the Bill Aim to Protect Users?</h3> 
<p>The new bill also asks crypto service providers to separate their assets from user funds and deposits, to provide insurance, and maintain reserves to prevent a fallout in case of a system failure or a significant hack. In addition, crypto trading service providers will also be required to keep records of all transactions.</p> 
<p>Further, the bill states that failure to provide the necessary information in investor disclosures and activities, such as falsely promoting certain cryptocurrencies and manipulating their price, is against the country’s law. Those who engage in such activities could face a punishment of one year in prison or pay a penalty three to five times the amount of illegally made profits.</p> 
<blockquote class="wp-block-quote"> 
 <p>“[The bill] will play an important role in establishing market order as it develops the basic law to block unfair trade acts.”</p> <cite>– said Hwang Suk-jin, a member of the Ruling People Power Party’s Digital Asset Special Committee.</cite>
</blockquote> 
<p>The 2022 <a href="https://tokenist.com/over-12000-cryptocurrencies-have-one-month-of-no-trading-volume-in-2022/" rel="dofollow" class="deco-link">crypto winter</a> and a series of <a href="https://tokenist.com/ftx-files-for-bankruptcy-sbf-to-step-down-as-ceo/" rel="dofollow" class="deco-link">high-profile collapses</a> have forced global regulators to double down on regulating the burgeoning sector. Last week, the <a aria-label="European Union approved (opens in a new tab)" href="https://tokenist.com/eu-parliament-approves-markets-in-crypto-assets-regulation-mica/" target="_blank" rel="noreferrer noopener" class="deco-link">European Union approved</a> a comprehensive regulation that seeks to establish harmonized rules for digital assets in the bloc.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think CBDCs should be excluded from crypto regulations? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/south-koreas-crypto-regulation-bill-makes-exception-for-cbdc/">South Korea’s Crypto Regulation Bill Makes Exception for CBDC</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

South Korea’s Crypto Regulation Bill Makes Exception for CBDC

목차

TokenInsight

2023년 4월 26일에 게재된 다른 기사

Apple gets rid of hidden Bitcoin white paper in the latest macOS beta

Chainlink price analysis: Price curve rebounds to $7.47 following a bullish shift

Smile Identity acquires Ghana’s Appruve to provide verification services for 1 billion Africans

Bitcoin Price Jumps in the Wake of First Republic Bank Crash

8 Tokens To Watch Out For in 2023

Solana’s Blockchain Meets AI with ChatGPT Plugin Implementation

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!