Regulation
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The majority of the population of South Korea is in favor of regulating the cryptocurrency market. Citizens of the country believe that only through the implementation of the regulatory framework, it is possible to ensure the transparency of transactions and the safety of investors.
In connection with the activation of hackers and scammers, the authorities decided to toughen the punishment for crimes involving digital currencies.
The Financial Services Commission (FSC) is developing a mechanism for monitoring activity in the cryptosphere together with representatives of the blockchain industry. With its help, the authorities will be able not only to track and stop transactions involving scammers and hackers, but also to counteract the manipulation of prices for cryptocurrencies.
Particular attention will be paid to interaction with bitcoin exchanges in order to strengthen control over users. The government, with the participation of FSC and industry organizations, is preparing a bill on digital assets, which should guarantee the safety of investors. It should come into force in 2023.
As an example, South Korea will look to the United States. The Securities and Exchange Commission (SEC) has great powers and can impose sanctions on suspicious projects that pose a threat to financial stability.
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