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Kim Byung-hwan, Chairman of South Korea’s Financial Services Commission (FSC), announced that the government would accelerate the drafting of the second phase of the Cryptocurrency Act. This phase will include regulations on business entry and operation, as well as rules for virtual asset distribution and disclosure.
South Korea’s Cryptocurrency Bill
Chairman Kim made the announcement at a Democratic Party-Government meeting on ‘Virtual Asset Market Development Policy Tasks’ held at the National Assembly. He noted that global changes in the virtual asset landscape are expected to accelerate following the recent inauguration of the Trump administration in the US. “The government will align its virtual asset policies with these global shifts,” Kim said, stressing upon the need to adapt quickly to international developments.
According to local media reports, Kim also expressed his commitment to supporting the rapid discussion of the bill on crypto securities issuance, which has already been submitted to the National Assembly.
Furthermore, Kim highlighted the importance of improving internal controls within cryptocurrency market participants. He stressed that operators must enhance their systems in areas such as anti-money laundering, investor protection, and overall capacity to meet the growing demands of the market.
Lee Bok-hyun, Governor of the Financial Supervisory Service, noted that the regulatory environment is changing rapidly due to the US administration’s new crypto policy, and its recent crypto reserve order. He also emphasized the urgency of pursuing the second phase of legislation to keep pace with these global developments.
Governor Lee also assured that the Financial Supervisory Service would continue supporting the National Assembly’s efforts, improving transaction processes and IT stability, and ensuring effective self-regulation within the industry. He also reiterated the agency’s commitment to rigorously investigating and taking action against illegal activities, such as unfair trading practices in the virtual asset market.
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