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Korean blockchain experts request government assistance for the digital asset market

The Korea Digital Asset Industry Committee convened on Thursday to examine crypto taxation, DeFi markets, nonfungible tokens, and the metaverse.

The Korea Digital Asset Industry Committee, which is comprised of key Blockchain professionals in South Korea, has proposed for the establishment of a government committee tasked with assisting and advancing the country’s digital asset enterprises.

The group of experts met on Thursday to examine potential strategies for transforming Korea into a leading digital asset market and the role the government should play in doing so. According to analysts, blockchain technology and cryptocurrencies would be critical tools in the fourth industrial revolution.

The blockchain specialists urged the government to invest in the fledgling cryptocurrency business as well as other developing use cases such as decentralized finance, decentralized autonomous organizations, nonfungible tokens, and the metaverse.

South Korea’s crypto rules are regarded as one of the strictest in the world, as over 200 small to medium-sized cryptocurrency exchanges were forced to close their doors when regulators mandated that crypto exchanges open real-name bank accounts for consumers.

Additionally, the Financial Conduct Authority, the country’s top regulator, prohibits exchanges from promoting anonymous transactions and prohibits the usage of private wallets. Regulators previously recommended a 20% tax on cryptocurrency gains, but the idea was tabled due to a lack of clarity over crypto rules. While officials have taken a hard line on the virtual asset market, they appear to be fairly enthusiastic on the metaverse, as the country recently announced a $187 million investment in the national metaverse initiative.

Despite legal obstacles, South Korea’s crypto business has prospered, growing to a $45.9 billion industry by 2021.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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