Lawmakers in South Korea are reportedly seeking to delay the implementation of a new cryptocurrency law. The law, which was set to come into effect in September, would require cryptocurrency exchanges to comply with strict anti-money laundering regulations. However, the head of the country’s National Policy Committee, Yun Ho-jung, has argued that it is not appropriate to enforce the law six months after its promulgation, given the current high level of public interest. Yun has reportedly asked the leader of the Public Administration Committee to propose a modified version of the law, which is set to be voted on this Friday.
As the cryptocurrency industry continues to grow, governments around the world are grappling with how to regulate it. South Korea has been at the forefront of this effort, with the country’s regulators taking a tough stance on cryptocurrency exchanges. However, the delay of this new law suggests that lawmakers are aware of the need to balance regulation with the interests of the public and the industry.
Critics of the law have argued that it could stifle innovation and harm the country’s burgeoning cryptocurrency industry. However, supporters of the law say that it is necessary to prevent money laundering and other criminal activities. With the vote on the modified version of the law set to take place this week, it remains to be seen how South Korea will balance these competing interests.