Korean Lawmaker Proposes New Bill For the Promotion of Cryptos

Korean Lawmaker Proposes New Bill For the Promotion of Cryptos

promotion of cryptos

A bill which will see crypto trading promoted has been introduced by a South Korean lawmaker known as Kim Sun-dong. The bill is aimed at increasing the progress of crypto exchanges, as well as help in promoting transactions involving cryptocurrency, promotion of cryptos.

Kim Sun-dong Proposes Bill

In a recent announcement, Kim Sun-dong who belongs to the National Assembly’s Political Committee, made it known that he has initiated the Digital Asset Trading Promotion Act.

The announcement went on to explain that:
“The Digital Asset Trading Promotion Act’ includes a comprehensive plan for establishing a guideline for promoting the development of virtual currency exchanges and blockchain technology, tax reduction and exemption, measures against hacking damage, and prevention of market disturbances.”

Kim Sun-dong insisted that there is a need for dedicating a law towards the promotion of crypto businesses, as this will entice companies to remain in Korea instead of leaving.

Kim Sun-dong went further to make his case known, by stating that Bithumb which is one of the largest crypto exchanges in Korea, was sold to a consortium based in Singapore.

The New Bill

According to Kim Sun-dong, a committee will be established regarding the bill. The committee will help with the execution of this bill.

Kim Sun-dong, also faulted the Korean government regarding its one-sided focus on a crackdown of illegal crypto activities. He stated that:
“The government is focusing only on the risk of virtual currency and concentrating only on the crackdown of illegal activities … In order to lead the global trend of blockchain technology development, it is necessary to prepare laws and regulations as soon as possible.”

Through this bill, South Korean will be able to attract more crypto focused investments, and also increase the country’s market share.