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Korean blockchain experts seek the government’s help for digital asset market

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A government committee committed to assisting and growing digital asset enterprises in South Korea proposed by the Korea Digital Asset Industry Committee, which made up of key blockchain professionals in the country.

On Thursday, a group of specialists met to explore how Korea might become a major digital asset market and what role the government could play in that process. Blockchain technology and cryptocurrencies, according to analysts, will be important tools in the Fourth Industrial Revolution.

The government should assist the budding cryptocurrency business. As well as other developing use cases like decentralised finance, decentralised autonomous organisations, nonfungible tokens. As well as the metaverse, according to the blockchain experts.

South Korea’s crypto rules widely regarded as among the most stringent. With roughly 200 small to medium-sized crypto exchanges forced to close their doors. After regulators mandated that crypto exchanges open real-name bank accounts for their users.

The country’s top regulator, the Financial Conduct Authority, has also made it illegal for exchanges to facilitate anonymous transactions and for private wallets to be used. Regulators had previously recommended a 20% tax on cryptocurrency earnings. But the idea shelved due to a lack of clarity on the subject. While officials have taken a tough position on virtual assets, they appear to be enthusiastic on metaverse. As the country recently announced a $187 million investment in the national metaverse initiative.

Despite regulatory challenges, South Korea’s crypto market has grown to $45.9 billion in 2021.

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