The Korea Digital Asset Industry Committee is composed of key Blockchain professionals in South Korea. It has asked for the establishment of a government committee committed to assisting and growing the country’s digital asset enterprises. On Thursday, a group of specialists met to examine several ways in which Korea may become a major digital asset industry and what role the government could play in doing so. Blockchain and cryptocurrency, according to experts, will be essential technologies in the industrial revolution 4.0.
Blockchain specialists urged the government to assist the young cryptocurrency sector, as well as other developing applications such as decentralised banking, decentralised autonomous organisations (DAOs) nonfungible tokens (NFT), and the metaverse.
South Korea’s crypto rules are regarded as among the most stringent, with roughly 200 small and medium crypto exchanges forced to close their services after regulators made it essential for cryptocurrency exchanges to open genuine bank accounts for customers. The Financial Conduct Authority is the country’s top regulator. It has also prevented exchanges from supporting anonymous transactions and has prohibited the usage of private wallets. The authorities had previously recommended a 20% tax on crypto earnings, but the plan was postponed due to the absence of clarity on crypto legislation.
While regulators have taken a cautious approach to the virtual asset market, they appear to be optimistic about the metaverse, as the government announced a $187 million worth in the national metaverse initiative. Despite regulatory challenges, South Korea’s cryptocurrency economy has grown to develop a $45.9 billion industry by 2021.