A murder case in South Korea arising from a crypto dispute is forcing authorities to speed up the implementation of crypto regulations.
South Korea has embraced blockchain technology and has been positively working towards regulations. The country is also building a public metaverse in Seoul and Seongnam.
But a rise in a new sector also gives rise to crime. Hence, the nation is working on a Virtual Asset User Protection bill which will integrate 19 crypto-related bills.
Investor Protection Biggest Concern
According to Bloomberg, a woman was kidnapped from an apartment block in Gangnam district. The authorities claim that the murder was triggered due to a dispute over crypto and an attempt to steal the woman’s cryptocurrencies.
Back Hyeryun, chair of the National Policy Committee in the South Korean parliament, believes that the fastest implementation of the crypto regulations is urgently needed.
She said:
“There is finally a consensus on both sides of the aisle that we need to get a law in place as soon as possible. There were too many issues, so it was necessary to focus on one thing first – investor protection – to move on quickly.”
BeInCrypto reported that industry stakeholders are advising the government on crypto regulations. They include the Digital Asset Exchange Alliance (DAXA), which comprises major cryptocurrency exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax.
The bill cleared its first review phase in the National Assembly and will likely become law this year.
Rising Crime in South Korea
Lately, criminal activities around the digital assets class have risen in South Korea. BeInCrypto reported that the opposition politician Kim Nam-kuk is under investigation for suspicious crypto trading.
Also, authorities arrested Coinone executives for suspicions of taking bribes to list tokens. Plus the collapse of Do Kwon’s Terra ecosystem has damaged the South Korean crypto ecosystem.
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