Financial Services Commission "Virtual Asset Phase 2 Bill to be Prepared in the Second Half of the Year"

Activation of the Cryptocurrency Ecosystem

The government has decided to introduce a comprehensive Phase 2 bill (Industry Act) covering the disclosure, listing, business types, and stablecoin regulatory framework for virtual assets in the second half of this year. While the regulatory framework for virtual assets has so far focused on 'user protection,' the Phase 2 legislation will focus on 'activating the blockchain ecosystem.'

Kim So-young, Vice Chairman of the Financial Services Commission, attended the 'Virtual Asset Investment Insight Forum 2025' held at the Conrad Hotel in Yeouido, Seoul on the 25th, and said, "The number of users of domestic virtual asset exchanges has exceeded 10 million, and at the end of last year, the transaction amount of virtual assets surpassed the stock market," adding, "The government will make every effort to respond actively to market changes and foster a trusted virtual asset industry." He also explained, "We plan to prepare the Phase 2 bill for virtual assets by the second half of this year."

Yoon Han-hong, a member of the National Assembly's Political Affairs Committee from the People Power Party, emphasized in his congratulatory speech, "The United States is moving quickly, such as designating Bitcoin as a strategic asset after President Donald Trump took office," adding, "This forum provides insights into the direction the government and the National Assembly should take."

The government plans to establish a virtual asset regulatory framework that meets global standards by referring to cases from the United States and the European Union (EU). Kim Sung-jin, head of the Financial Services Commission's Virtual Asset Division, who spoke as a speaker on the day, said in the presentation of 'Phase 2 Legislative Direction for Virtual Asset User Protection Act,' "We will require a high level of capital soundness and clear governance structure for stablecoin issuers," adding, "We will ensure that they hold more than 100% of the issuance amount in reserve assets and legally guarantee users' redemption rights." He also explained, "We plan to subdivide the virtual asset industry into business types such as exchanges, custodians, and advisors," adding, "We will also promote the establishment of a legal association for virtual assets."

Reporter Seo Hyung-kyo / Hwang Doo-hyun, Bloomingbit Reporter seogyo@hankyung.com