South Korea's financial watchdog wants to fast-track the review of proposals for new crypto laws, local media outlet Edaily reported Thursday.
- A task force made up of experts and staff from relevant ministries will quickly review proposed virtual asset legislation, Kim Joo-hyun, chairman of South Korea's Financial Services Commission (FSC), said at a meeting held at the Parliament complex in Seoul on Thursday, Edaily said.
- There are 13 proposals for new crypto legislation waiting, Kim said.
- Terra's collapse sent shock waves through the industry and inspired regulators to accelerate the process of establishing rules on crypto for operators and consumers. In South Korea, prosecutors raided seven crypto exchanges in July as part of an investigation into Terra.
Read more: South Korea Postpones 20% Crypto Tax to 2025
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