Financial Services Commission "Pushing for the Second Phase of Virtual Asset Law in the Second Half... Focus on Industry Promotion" [Virtual Asset Investment Insight Forum 2025]

Virtual Asset Investment Insight Forum 2025

Financial Services Commission to Push for Second Phase of Virtual Asset Law in the Second Half

Focus on Supplementing User Protection Law and Promoting Industry

Kim Sung-jin, Head of the Virtual Asset Division at the Financial Services Commission, explained the direction of the review and future plans for the second phase of the virtual asset (cryptocurrency) law.

Kim stated at the 'Virtual Asset Investment Insight Forum 2025' held at Conrad Hotel in Yeouido, Seoul on the 25th, "The Financial Services Commission is currently forming a task force (TF) with related agencies for the second phase law, and is pushing for legislation in the second half after discussions with the Virtual Asset Committee."

Regarding the direction of the second phase law review, Kim said, "The focus is on how to supplement the existing virtual asset user protection law and how to develop the industry."

To this end, he specifically mentioned that they are reviewing ▲ enhancing regulatory clarity by adding concepts such as distributed ledger ▲ establishing mandatory listing regulations and disclosure obligations for key matters ▲ preparing regulations for stablecoins for user protection and risk management ▲ preparing entry/behavior regulations for virtual asset businesses ▲ establishing a statutory association for effective self-regulation.

In particular, regarding the preparation of stablecoin-related regulations recently adopted by the United States, he said, "Stablecoins have the characteristics of both virtual assets and payment settlements, and their use in payment settlements is expanding globally," adding, "We are reviewing the establishment of a regulatory framework reflecting the trends of international organizations and major countries. For issuer requirements, we will refer to cases from the European Union (EU) and Japan."