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South Korea’s crypto framework underway

South Korea’s Financial Services Commission has started setting up a framework for digital assets as part of its larger deregulation initiative to help companies start new businesses without having to worry about regulatory uncertainty. FSC chairman Kim Joo-hyun said there are 13 bills sitting at the National Assembly, but the agency was leaning towards sending its own version to the parliament for a vote instead of waiting for the current bills, all floated by lawmakers, to turn into law. In South Korea, both lawmakers and the government can create legislation as long as the Assembly approves it. Park Sun-young, an economics professor at Dongguk University, said that once the rules are set, authorities would discuss an initial exchange offering. The Digital Asset eXchange Alliance (DAXA) said it would prepare to work with the government on the latest crypto rules.

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