Click here to read IFLR’s Cryptocurrency Special Focus 2022.
Our authors from Kim & Chang discuss the importance of multilateral cooperation to harmonise regulations in the digital asset market. This is particularly crucial because cryptocurrencies and digital assets, as well as decentralised autonomous organisations (DAO) and decentralised finance (DeFi) are becoming increasingly mainstream.
At the time of writing, South Korea’s only regulation on digital or virtual assets is the Act on Reporting and Using Specified Financial Transaction Information (AML Act), yet the scope of this is very narrow. As our contributors write, “We should acknowledge that there will not be a one-size-fits-all answer to regulating digital assets. However, we should always be mindful that digital assets are cross-border in nature.” This will be a challenge for regulators when it comes to governing the use of digital assets.
Meanwhile, our writers from CQ Legal analyse the state of cryptocurrency regulation in Ghana, where the crypto market has seen rapid growth in recent years. There is no cryptocurrency legislation in Ghana at this time and the Bank of Ghana (BoG) has issued notices stating that cryptocurrencies are not recognised as legal tender in the country.
However, as interest in digital currencies grows, and likely in recognition of the Ghanaian economy’s heavy reliance on mobile money transactions the BoG is piloting its own central bank digital currency (CBDC), the eCedi.
Click here to read IFLR’s Cryptocurrency Special Focus 2022.
