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South Korea takes innovative approach to cryptocurrency oversight

South Korea's Financial Services Commission Vice Chairman, Kim So-young, announced plans to prioritise innovation in cryptocurrency regulation. Speaking at a Seoul conference on digital currencies, she stressed the importance of striking a balance between investor protection and technological advancement. The conference, organised by the South Korean government and central bank in collaboration with the IMF, followed the Bank of Korea's October launch of a wholesale central bank digital currency (CBDC) project. South Korea recently passed legislation to regulate virtual assets, aiming to enhance investor protection. These regulations will be effective from July 2024, responding to concerns stemming from cryptocurrency issues in recent years, including a high-profile alleged fraud involving South Korean crypto entrepreneur Do Kwon.


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