Senior officials at South Korea’s leading banks have called for more regulation on cryptocurrencies in a bid to support the long-term development of the industry within the country. Banking officials were reportedly joined by Korea’s National Assembly members at a recent event, with discussions surrounding the need for a “virtual asset business law.” Titled “The National Assembly Seminar for the Virtual Asset Business Law,” the attendees argued if the laws were needed to protect revenues and help develop the fledgling digital currency sector in South Korea.
Bank officials and lawmakers call for new crypto legislation.
Representative Kim Byeong-wook of the Democratic Party, the National Policy Committee secretary, chaired the event, which was put together in partnership with cryptocurrency lender Delio. In opening remarks, Kim said it was up to lawmakers in the National Assembly to consider how best to regulate, to achieve the dual goals of structure for industry and protection for investors. He further said digital currencies should have the “widest possibilities in the post-COVID-19 era,” referencing cashless payments’ growth and a shift away from paying in cash.
South Korea continues to lead in the tech innovation sector.
During the event, the calls were welcomed by representatives of Korea’s private banking sector, also in attendance at the virtual event. Jang Hyeon-gi, head of R&D at Shinhan Bank, said more banks would be willing to provide their own digital currency services once the legislation was in place. Shinhan Bank already offers a range of digital currency services to its clients, including digital custody and digital currency payments. Jo Jin-Seok, the head of the IT Innovation Center at KB Kookmin Bank, said it was expected that more assets would become digitized, with many banks likely to release their own digital currency platforms eventually.