The South Korean cryptocurrency regulation bill may be introduced next year

ChainCatcher news, according to CoinDesk, in light of the FTX bankruptcy event, South Korean regulators emphasized the necessity of establishing a regulatory framework at the National Assembly of Korea. Kim So-young, Vice Chairman of the Financial Services Commission (FSC), stated that considering the urgency of protecting users, the most basic regulatory standards should be established and supplemented, rather than waiting for international standards. The FTX crisis indicates the need to establish a regulatory mechanism to prevent unfair trading and ensure that virtual asset service providers fulfill their obligations to protect user assets, while also prohibiting service providers from issuing tokens.

In addition, South Korean government officials are currently drafting a comprehensive regulatory framework, the Digital Asset Basic Act, which is expected to be finalized next year. The bill will consist of 13 cryptocurrency legislative proposals currently submitted to the National Assembly. (CoinDesk)