According to ChainCatcher, the Financial Services Commission of South Korea has made it clear that it will actively support the second phase of virtual asset legislation. Kim Sung-jin, director of the Virtual Assets Section of the Financial Services Commission, said that the US policy direction will become an important reference for South Korea's virtual asset legislation, and pointed out that a strategic approach is needed in the field of security tokens and central bank digital currencies (CBDCs) to speed up the discussion of the revision of relevant bills such as the Capital Markets Act in Congress.
The South Korean authorities plan to focus on the operating practices and qualifications of virtual asset service providers in the second phase of virtual asset legislation.
The South Korean National Assembly also believes that digital asset legislation is an urgent task. Members of the National Assembly’s Political Affairs Committee said that digital assets are expected to create a new financial order and bring opportunities and challenges to the South Korean economy.
