The South Korean cryptocurrency regulatory framework, the "Basic Law on Digital Assets," is expected to be completed next year

ChainCatcher news, according to CoinDesk Korea, in the wake of the bankruptcy of the cryptocurrency exchange FTX, South Korean regulators emphasize the need to establish a regulatory framework during the National Assembly meetings. South Korean government officials are currently drafting a comprehensive regulatory framework, the "Basic Act on Digital Assets," which is expected to be completed next year and will consist of 13 cryptocurrency legislative proposals currently submitted to the National Assembly.

Kim So-young, Vice Chairman of the Financial Services Commission (FSC), stated that considering the urgency of protecting users, it is better to establish the minimum necessary regulatory standards and supplement them, rather than waiting for international standards. The FTX crisis highlights the need to establish regulatory mechanisms to prevent unfair trading and ensure that virtual asset service providers fulfill their obligations to protect user assets, prohibiting service providers from issuing tokens. (Source link)