Editor's PiCK
Financial Supervisory Service: "Forming Virtual Asset Phase 2 Legislation Task Force... Specific Framework to be Announced in April"
Summary
- The Financial Supervisory Service announced that it will form a Phase 2 legislation TF for virtual assets to establish additional user protection measures.
- They stated that since self-regulation alone has limitations, they are planning more protective measures through Phase 2 legislation.
- The TF is studying best practices and will announce a specific framework within April.
The Financial Supervisory Service announced that it will form a Phase 2 legislation task force (TF) for virtual assets (cryptocurrency) to establish additional user protection measures, with specific details to be announced in April.
On the 12th, Lee Ju-young, Head of the Virtual Asset Supervision Team at the Financial Supervisory Service, stated during the 'Global Competitiveness Seminar for Domestic Digital Asset Exchanges' held at the National Assembly Members' Office Building, "While the basic framework for user protection was established in the Phase 1 legislation, gaps still exist," adding, "Since self-regulation alone has limitations, we plan to establish additional protective measures through Phase 2 legislation."
Lee further added, "We are exploring specific measures to enhance the effectiveness of self-regulation," and "We have formed a TF that is currently studying best practices, and a specific framework will be announced within April."
Suehyeon Lee
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