Lawyer Chen Shanghai

In January 2022, the Japanese government launched the "National Strategy," and the ruling party, the Liberal Democratic Party, established the Headquarters for Promoting a Digital Society. Since then, its Web3 project team has directly proposed legislative and regulatory reform suggestions to the ruling party. Many of these reform measures have been adopted.

In South Korea, the regulatory framework for virtual assets began to take shape in 2021, and its outline became more apparent in the following years. Currently, there are three key regulations related to virtual assets in South Korea: the Security Token Guidelines, the Mandatory Reporting of Virtual Assets by High-Ranking Officials, and the Virtual Asset User Protection Act (Virtual Asset Act).