South Korea is planning to introduce a digital asset watchdog by as soon as June, according to local media reports.
The country will set up a digital asset committee to serve as a “control tower” for the space. The committee will oversee regulation of the space until the government is able to draft basic laws on digital assets.
The government has also fast tracked efforts to pass crypto regulation in the wake of the recent Terra crash, which spurred an increasing amount of calls for regulation.
South Korea to launch watchdog by June
According to a report by South Korean news outlet NewsPim, an official said the committee will be introduced by the last week of June.
Terra crash has seen the government speed up crypto regulation, and has also raised calls for crypto investors to have the same level of protection as equities.
