South Korea’s financial authorities are preparing for the second phase of virtual asset legislation to regulate various aspects of the country’s crypto market, local media ChosunBiz reported on June 5.
This second phase of legislation will focus on regulating issues like the issuance of virtual assets, addressing conflicts of interest that might arise during issuance, and establishing a stablecoin regulatory framework.
South Korea’s National Assembly ordered FSC to submit a report on crypto issuance.
Following the passage of the Virtual Asset User Protection Act, South Korean lawmakers ordered the country’s Financial Services Commission (FSC) to submit a report addressing issues of crypto issuance and the conflict of interest “virtual asset operators generate in the process of issuing and distributing” these assets.
Due to this, the financial agency is set to begin a research process focused on resolving these conflicts of interest, regulating stablecoins, and establishing
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