- South Korea embraces a new regulatory framework to satisfy the public expectation of a crypto-friendly regulation.
- The FSC Chairman Kim Joo-hyun states that the new virtual asset division aligns with the nation’s regulatory vision.
- The country’s first law on virtual asset user protection is slated to be implemented on July 19.
South Korea is reportedly adopting a new crypto regulatory framework to align with public demand for a national policy supporting financial innovation. Kim Joo-hyun, Chairman of the South Korean Financial Services Commission (FSC), provided insights into the creation of a new virtual asset division that aligns with the nation’s vision.
During a recent meeting with Virtual Asset Service Providers (VASPs), the FSC Chairman emphasized the government’s goal of establishing a streamlined crypto regulatory framework in compliance with global financial standards.
South Korea’s first law on virtual asset user protection is set to be implemented on July 19. The new law is expected to prompt a review of the listing status of over 600 virtual assets currently traded. In a recent development, the FSC has notified 29 crypto exchanges, includi…
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