South Korea to launch second phase of virtual asset legislation
In a move aimed at further strengthening regulations and protecting users in the crypto market, South Korean financial authorities are reportedly gearing up to initiate a research project for the second phase of the country’s virtual asset legislation. Second phase of laws to address crypto financing and issuance The South Korean parliament’s recent passage of the ‘Virtual Asset Protection Act’ has laid the foundation for enhanced user protection and the regulation of unfair trade practices in the crypto industry. Now, the focus is on complementing these regulations by addressing issues related to financing and virtual asset issuance via initial coin offerings (ICOs). According to the Korean-language business news outlet Chosun Biz, the Financial Services Commission (FSC) has confirmed that a Joint Task Force on Digital Assets meeting was held on July 3, where discussions were held regarding the outline of the second stage of South Korea’s crypto legislation. South Korean financi...