The Financial Services Commission (FSC) of South Korea has announced that it will be establishing a new unit to focus on cryptocurrency regulation.
The new unit will be responsible for overseeing the compliance of cryptocurrency exchanges and other virtual asset service providers (VASPs) with the country’s regulations.
The FSC has also said that it is considering introducing new regulations that would require VASPs to hold more capital and to provide more information to investors. These new regulations are being proposed in response to the recent collapse of the TerraUSD stablecoin, which caused significant losses for investors.
In other news, the South Korean government has announced that it will be launching a pilot program for a central bank digital currency (CBDC) in 2024. The CBDC will be issued by the Bank of Korea and will be used to test the feasibility of a digital version of the Korean won.
The establishment of a new unit for cryptocurrency regulation and the proposed new regulations are expected to provide greater oversight and transparency in the industry.
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