The Korean Government Council will propose and discuss a “virtual asset related bill” at the end of this month
It is reported that the South Korean Government Affairs Committee will hold the 1st Proposal Review Branch on March 28th to propose and discuss the legislation of the “Virtual Assets Related Bill”. In April, a public hearing will be held to listen to expert opinions.
Interpretation of this information:
The South Korean Government Affairs Committee is set to hold the 1st Proposal Review Branch meeting on March 28th to discuss proposed legislation related to virtual assets. The proposed bill is aimed at regulating the use and trading of virtual assets in the country. The global cryptocurrency market has been booming over the last few years, and South Korea is known to be a major market for virtual assets. However, the government has been cautious about the use of these assets due to the risk of money laundering and other illicit activities.
The proposed legislation, once enacted, will provide a legal framework for virtual assets and hold those who use them accountable for their actions. The move is expected to boost investor confidence in the virtual asset market in South Korea. Furthermore, it will serve as a deterrent to those who engage in illegal activities such as money laundering, hacking, and terrorism financing.
The government’s decision to hold a public hearing in April is a positive development as it shows the desire to get feedback from experts and stakeholders in the virtual asset ecosystem. The hearing will provide an opportunity for experts to provide their thoughts and opinions on the proposed legislation. This input will be crucial in ensuring that the bill is comprehensive and addresses all aspects of the virtual asset market in South Korea.
The South Korean Government Affairs Committee’s move to propose and discuss the legislation of the Virtual Assets Related Bill is an essential step in regulating the virtual asset market in the country. The proposed legislation will provide a legal framework that will protect investors and stakeholders while also serving as a deterrent to bad actors. The decision to hold a public hearing to listen to expert opinions is a positive move that will ensure that the bill is comprehensive and addresses all aspects of the virtual asset market in South Korea.
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