ChainCatcher news, the first bill review subcommittee of the Korean National Assembly, held on the morning of February 27, failed to discuss the Basic Law on Digital Assets. The meeting presented 17 bills related to virtual assets, but the discussion was postponed due to amendments to the Capital Markets Act. Currently, the legislative proposals in the National Assembly regarding "restoring fairness in the digital asset market and creating a safe trading environment" and "regulating unfair trading in virtual assets" have not been discussed. Both bills include:(1) Offshore regulations applicable to offshore activities; (2) Prohibition of unfair trading practices, such as using undisclosed material information, market manipulation, and unfair trading practices; (3) Protecting investors and regulating unfair practices by granting the Financial Services Commission the authority to oversee the virtual asset market, conduct inspections, and enforce penalties. It is reported that Korean politicians had expressed intentions to establish a Basic Law on Digital Assets within last year, but discussions have been postponed multiple times. (TechM)

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)