The effort will include issuing guidance for NFTs and ICOs, expanding infrastructure and supporting CBDC research.
The administration of the newly-elected President of South Korea, Yoon Suk-yeol, wastes no time in its drive to maintain the country’s stature as a center for innovation as it hopes to roll out comprehensive crypto legislation in 2023 and institutionalize the sector by 2024.On May 11, South Korean newspaper Kukmin, citing a leaked governmental document, reported that the administration is looking to introduce the “Digital Asset Basic Act” (DABA) in the next year and to follow it up with more legislation by 2024. The bill is part of the 110 policy aims the new President introduced earlier this year. The bill will be drafted in accordance with international norms and will rely on the experience of the world’s largest economies as the local Financial Stability Board (FSB) will cooperate with the Basel-based B
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