The Financial Services Commission (FSC) has decided to prioritize legislation critical to protecting crypto investors for implementation as early as next year, as establishing a more comprehensive regulatory framework could take longer, according to local news outlet Dong-a Ilbo.
While specifics on the upcoming legislation have yet to be announced, Dong-a reports that it will assist South Korean authorities in raising their oversight of the cryptocurrency market to the same level as the stock market.
There are currently 14 proposals before South Korea's legislature, the National Assembly, that deal with various aspects of the cryptocurrency industry, such as industry advancement and token listing.
As existing crypto regulations are centered on anti-money laundering, the country has been developing as a whole regulation for the local crypto sector known as the "Digital Asset Basic Act."
Following the failure of the South Korean-born crypto project Terra-LUNA in May, local lawmakers have called for more rapid legislation on crypto regulations to improve investor safety.
In a political conversation last month, one FSC representative stated that it would be difficult for South Korea to develop its own regulatory system in advance of a common global regulatory framework because cross-border regulation could be a key determinant of effectiveness.
According to the FSC, South Korea has approximately 6.9 million cryptocurrency users, with an average daily trading volume of US$3.7 billion.
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