South Korea s Financial Services Commission FSC will haveten the process of reviewing the current bills on criptocurrency regulation, according to South Korea s Edaily on August 11.
FSC chairman Kim Joo-Hyun told South Korea's National Assembly that the new criptocurrency regulation would adopt a balanced approach that ensures investors protection and market innovation.
Kim said that the review process for these bills would be faster. A task force consisting of experts from the private sector and ministries will work together to make sure the review is fast-tracked.
The new regulations would match the best practices of what can be found in the world, according to the top government official. Kim said something.
South Korea has taken a more prominent position towards cryptocurrencies regulation after Terra's LUNA ecosystem crashed in May.
President Yoon Suk-Yeol had promised a comprehensive regulatory framework to protect investors in the country. The proposal for the Digital Asset Basic Act will likely combine the 13 proposals that are being debated at the National Assembly.
Three people arrested in South Korea have been arrested in connection with illegal criptocurrency transactions, according to a report by Bloomberg News.
The authorities began investigating in July after discovering $3.5 billion worth of suspicious foreign exchange transactions from branches of two major banks in the country.
Three people allegedly operating a criptocurrency trading business without a license were arrested by the investigations.
According to reports, they owned a firm that sent $307 million 400 billion won overseas for arbitrage profits.
Other charges against them include high volume foreign exchange transfers and falsification of data submissions.