Financial transaction

Launch of IFLR Cryptocurrency Special Focus 2022

Click here to read IFLR’s 2022 Special Focus on Cryptocurrencies.

Our Kim & Chang authors discuss the importance of multilateral cooperation to harmonize regulations in the digital asset market. This is particularly crucial as cryptocurrencies and digital assets, as well as Decentralized Autonomous Organizations (DAOs) and Decentralized Finance (DeFi) are becoming increasingly common.

At the time of writing, South Korea’s only regulation on digital or virtual assets is the Specified Financial Transaction Information Reporting and Use Act (AML Act), but the scope of it- this is very narrow. As our contributors write, “We must recognize that there will not be a one-size-fits-all answer to the regulation of digital assets. However, we must always keep in mind that digital assets are cross-border in nature. It will be a challenge for regulators when it comes to governing the use of digital assets.

Meanwhile, our CQ Legal editors analyze the state of cryptocurrency regulation in Ghana, where the crypto market has grown rapidly in recent years. There is no cryptocurrency legislation in Ghana at present and the Bank of Ghana (BoG) has issued notices stating that cryptocurrencies are not recognized 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 2022 Special Focus on Cryptocurrencies.