South Korea to draft next crypto regulation bill by year-end: report
South Korea kicks off talks on the second phase of crypto regulations, focusing on stablecoins and user protection, with a draft expected by mid-2025.
South Korea‘s financial regulator, the Financial Services Commission, has officially started working on the second phase of its crypto rules to boost user protection, local news outlet EDaily reports.
Kim So-young, Vice Chairman of the FSC, said the move to push ahead with phase two comes as the global crypto market faces “rapid changes with mixed feelings of optimism and uncertainty.” South Korea’s first crypto regulation, known as the Virtual Asset User Protection Act, came into effect in July 2024. It defines “virtual assets,” sets rules for user…
