A document published by the South Korean newspaper Kukmin deciphered the government’s plans for cryptocurrency laws until 2024.
According to the leaked document, South Korea will enact a detailed cryptocurrency legislation in 2023 and will establish the necessary institutional infrastructure for the implementation of this law by 2024.
The document prepared by the newly elected President Yoon Suk-yeol’s administration states that the country’s goals of becoming an innovation center will not be abandoned.
The study, titled “Digital Asset Base Law,” forms part of the new president’s 110 policy goals.
It was stated that the law will comply with international norms and be prepared in cooperation with regulators in the USA and EU.
According to Kukmin’s report, the government plans to expand the existing infrastructure for cryptocurrency transactions and allow more banks to enter the industry.
In addition to these, it is aimed to institutionalize NFTs and to place ICOs in a legal framework.
The leaked document was confirmed by the government, but it was stated that the final version of the draft has not yet been clarified.
The government’s plans to tax 20% on earnings over $2100 were also delayed to 2024 under this law.