The Korea Digital Asset Industry Committee – made up of blockchain professionals in South Korea – has reportedly urged for the creation of a government committee, to assist and boost the local crypto asset scene. 

Specifically, The group of professionals reportedly sat together on March 3rd to talk about different measures for Korea to turn into a pioneering digital asset market, along with the role the authority needs to play to make that happen. 

The professionals shared a belief that blockchain and crypto possess the sufficient potential to turn into pivotal tools for the Fourth Industrial Revolution.

The blockchain professionals then turned to the authority for assistance to the nascent cryptocurrency sector, together with different emerging use cases, nominally decentralized finance, decentralized autonomous organizations, non fungible tokens (NFTs) and the metaverse.

The crypto regulations in South Korea are reportedly considered to be among the most strict in the world, with approximately 200 small to medium-sized crypto exchanges forced to terminate their business, following regulators’ mandate for crypto exchanges to form real-name bank accounts for users.

The Financial Conduct Authority, the chief regulator in the nation, has reportedly also applied a ban on exchanges, barring them from supporting anonymous transactions and prohibited the use of privacy wallets. 

The regulators had previously put up a proposal for a 20% tax on crypto gains, but was then delayed because of clarity insufficiency regarding crypto regulations. 

While regulators have reportedly displayed a strict attitude towards the virtual asset market, they appear rather bullish when it comes to metaverse, with the nation disclosing details regarding a $187-million investment in the national metaverse initiative.