Key Takeaways:
- A special committee will be established in South Korea to look after the crypto market early next month.
- It will be an expansion of the Special Committee on Virtual Assets.
After the recent crash in the crypto space, the South Korean government has been taking precautionary measures. To safeguard the nation’s market, a Digital Assets Committee will be launched as early as next month to supervise the crypto exchanges in Korea.
The government-only organization will be headed by Hong Hong young. Reportedly, the primary function of the Committee will be to look after the policy preparation and will also monitor the digital assets industry. The Digital Assets Committee is an expansion of the already existing People’s Power, according to the political and financial circles on the 31st.
The organization will be launched immediately after the inauguration of the new Financial Services Commission Chairman. It will be in charge till the enactment of the Digital Assets Framework Act and the establishment of a special agency. The decision to launch it has been taken to reduce confusion in the market and also to increase the effectiveness of the policy laid down by departments that are in charge of the Ministry of Strategy and Finance, the Financial Services Commission, the Ministry of Science and ICT, and the Personal Information Protection Committee.
Other responsibilities of the Digital Assets Commission will be to prepare guidelines for, “listing screening criteria, market monitoring such as the designation of significant stocks, unfair trade monitoring, disclosure system, investor protection measures, etc.”
