Financial Services Commission "Will accelerate the second phase of virtual asset legislation... Agree on easing exchange regulations"

Kim Sung-jin, head of the Virtual Asset Division at the Financial Services Commission, announced that they will accelerate the second phase of virtual asset (cryptocurrency) legislation.

On the 2nd, Director Kim spoke at the 'Digital Asset Hegemony Competition and Korea's Strategy' seminar held at the National Assembly Members' Office in Yeouido, Seoul, saying, "The Financial Services Commission aims to legislate the second phase law in the second half of the year. However, many people say we need to speed up. We agree with these opinions and will proceed as quickly as possible."

Director Kim also mentioned the need to ease domestic exchange regulations. He emphasized, "There are several regulations applied only to exchanges in our country, and I fully agree with the opinion that they should be eased to match global trends. In fact, the main focus in opening corporate accounts was to provide global compatibility to our country's exchanges."

He also conveyed that the highly discussed stablecoins will be carefully considered during the second phase of the bill discussions. Director Kim stated, "Currently, there is global attention on the payment and settlement functions of stablecoins, and tests are underway to expand them to general commercial transactions. The Financial Services Commission is also aware of this demand and will carefully consider how to reflect it in the second phase legislation."