The South Korean Financial Services Commission plans to include digital asset custody under independent business regulation

The South Korean Financial Services Commission stated that it will submit the government bill for the second phase of the "Basic Law on Digital Assets" as soon as possible, and will coordinate the release of guidelines for corporate cryptocurrency asset trading with the legislative process. At the same time, it plans to include digital asset custody under independent business regulation and holds a cautious attitude towards the mandatory separation of custody business from exchanges.

In addition, South Korea will refer to the practices of the European Union to provide a more convenient access mechanism for traditional financial institutions applying for virtual asset service provider licenses. Regarding the market's concern about the separation of exchange custody business, the South Korean Financial Services Commission stated that there are currently few cases of mandatory separation overseas and prefers to prevent conflicts of interest through improved behavioral regulation rather than requiring exchanges to operate custody business independently.