Korea blockchain cooperative urges regulatory sandbox for virtual assets

The Korea Blockchain Business Cooperative called for virtual assets, or digital assets, to be allowed into a regulatory sandbox at a regulatory reform forum, Digital Asset reported. The group said at the Small Business, Venture and Startup Regulatory Reform Forum, held by the Korea Federation of SMEs on Aug. 12, that diverse pilot projects using a regulatory sandbox need to be carried out to allow for advance checks during the process of bringing digital assets into the regulatory fold. It also urged faster work on a basic law on digital assets so it can be enacted before the Clarity Act takes effect. Around 130 people from 10 government-related ministries and agencies, including Prime Minister Han Seong-sook, attended the forum.