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South Korea's financial watchdog wants to fast-track the review of crypto law proposals, 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, the 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.
The meeting marked the inauguration of a special committee on digital assets, which was announced in June following the collapse of the crypto firm Terra the previous month.
Terra's collapse sent shockwaves through the industry, and inspired regulators to accelerate robust rules for operators and consumers in the sector. In South Korea, prosecutors raided seven crypto exchanges in July as part of an investigation into Terra.
Korean government officials have previously said they will begin work on a comprehensive legislative framework, the Digital Asset Basic Act, in October, after U.S. regulators issue reports ordered by President Joe Biden’s executive order on crypto.
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