South Korea plans to establish a virtual asset committee to discuss issues such as the approval of virtual asset spot ETFs and the licensing of cryptocurrency exchanges

ChainCatcher news, the Financial Services Commission of South Korea announced plans to establish a Virtual Asset Committee in its audit report to the National Assembly's Political Committee, to discuss significant issues such as the approval of virtual asset spot ETFs and the licensing of virtual asset exchanges.

The Virtual Asset Committee is an advisory body that provides policy and institutional recommendations for the virtual asset market and business operators, chaired by the Vice Chairman of the Financial Services Commission, with members consisting of officials.

Currently, the Financial Services Commission prohibits the trading of virtual asset ETFs such as Bitcoin, on the grounds that they do not fall under the underlying assets specified in the Capital Markets Act. Additionally, due to concerns about money laundering, companies are also prohibited from opening virtual asset accounts.

Furthermore, the Financial Services Commission has established a non-profit foundation (Digital Asset User Protection Foundation), which receives user assets and returns them to businesses that have closed or suspended operations, and is currently conducting updated report reviews for businesses whose reporting period has expired.