Over a dozen crypto-related bills are currently pending in South Korea’s parliament, report reveals.
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets.Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space.
The report by the English-language TV network noted that South Korea’s crypto assets market stood at 55.2 trillion Korean won, or around $43 billion, at the time of writing. Furthermore, 24 cryptocurrency exchanges licensed in the country process a daily average of 11.3 trillion won in transactions, reflecting the rapid growth of the market in the past few years.
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