The South Korean Financial Services Commission supports the second phase of virtual asset legislation, which will focus on the operational behaviors and qualification requirements of service providers

ChainCatcher news, the South Korean Financial Services Commission has clearly stated that it will actively support the second phase of virtual asset legislation. Kim Sung-jin, the head of the Virtual Asset Division of the Financial Services Commission, stated that the policy direction of the United States will serve as an important reference for South Korea's virtual asset legislation, and pointed out that a strategic approach is needed in the areas of security tokens and central bank digital currencies (CBDC) to expedite the National Assembly's discussions on the revision of related bills such as the Capital Markets Act.

The South Korean authorities plan to focus on discussing the operational behaviors and qualification requirements of virtual asset service providers in the second phase of virtual asset legislation.

Members of the National Assembly also believe that digital asset legislation is an urgent task. A member of the National Assembly's Policy Committee stated that digital assets are expected to create a new financial order and bring opportunities and challenges to the South Korean economy.