"Let's create a ministry of cryptography," the entourage of the elected president of South Korea urg
The summit of South Korean lawmakers, industry leaders and leading scientists called on the country's president-elect Yoon Suk-yi to create a minister or agency at the ministry level for the crypto sector.
According to Seoul Finance, the calls were made at a "Workshop on implementing the Promises of Digital Assets and Innovations in the Ecosystem of the Digital New Economy", an event organized by the cryptocurrency-interested MP Cho Myung-hee from the People's Power Party and Korean Solidarity of Digital Innovation .
Yun will be sworn in early next month and has previously promised to create a state agency to promote the digital industry, which, according to him, will be tasked with regulating and promoting the national crypto sector.
But the summit participants urged the Una to take another step and create a ministry - or a ministerial-level organization, or a special committee - that will manage the sector. The parties argued that this would ensure the healthy growth of the digital economy.
Kim Hyun-joon, Professor at the Elite Higher School of Information Security Of the Korean University, warned that the Agency proposed by Yoon to promote the digital industry may eventually become an agency that simply operates under another existing ministry. He may also have to rely on this ministry for funding.
Kim stated that the creation of a "Digital Assets Committee" is modeled on the Fair Trade Commission (national trade supervision authority) and the Financial Services Commission (FSC, the highest financial regulator) will give the new agency both influence and independence. Both commissions are funded directly by the central Government, and neither of them reports directly to the Minister.
Thus, their chairmen have the same powers as ministers, can be chosen by the ruling president, and their appointments must be approved by Parliament.
Yoon's idea for the agency is based on his belief that crypto assets and non-interchangeable tokens (NFTs) need tougher regulation and more growth stimulation. The agency he proposed will combine the resources of several ministries and departments, namely: the Ministry of Strategy and Finance, which will control taxes, the FSB, which will be responsible for supervision, the Ministry of Science, Technology and Information. and communications (IT development), as well as other bodies such as Ministry of Education and Ministry of Trade, Industry and Energy.
But the participants stated that it would be "difficult to coordinate actions between ministries" in the aforementioned inter-ministerial model proposed by Yun, and that only a fully independent body would be able to successfully monitor the sector.
Lawyers also spoke at the event, who stated that legislative amendments are also necessary under the administration of the Jna, since it is currently unclear which types of digital assets are subject to regulation. Earlier, deputies criticized the government for excluding NFT from the regulation of cryptography, despite the fact that these tokens are traded using blockchain protocols and sold on secondary markets.
Meanwhile, the economist urged Yuna to create "a new infrastructure necessary for payments and settlements" using "new digital assets such as NFT and stablecoins."
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