Financial Services Commission Chair Kim Joo-hyun said the commission will maintain a balance that fosters innovation in blockchain development while protecting investors.
The country's Ministry of Trade said the order is just the start and by the end of September, the use of digital assets and smart contracts will be ubiquitous.
The Reserve Bank of Australia said the project would essentially evaluate the economic benefits and risks of launching a central bank digital currency in the country.
The Daegu District Prosecutor's Office brought several charges on the three as they were alleged to have set up paper companies and carried out an unregistered digital currencies business model.