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Amid the fallout from the bankruptcy of crypto exchange FTX, South Korean regulators have called for the need to establish a regulatory framework during a session of the South Korean National Assembly. South Korean government officials are currently working on a comprehensive regulatory framework, the Digital Asset Basic Bill, which is expected to be completed next year and will consist of 13 proposals for crypto legislation currently before the National Assembly. Kim So-young, Vice Chairman of the Korean Financial Services Commission (FSC), said that given the urgency of protecting users, it would be better to set minimum necessary regulatory standards and supplement them rather than wait for international standards. the FTX crisis has demonstrated the need for regulatory mechanisms to prevent unfair trading and ensure that virtual asset service providers fulfil their obligations to protect users' assets by prohibiting service providers from issuing tokens.

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【Korea's basic bill on digital assets expected to be completed next year】Amid the fallout from the bankruptcy of crypto exchange FTX, South Korean regulators have called for the need to establish a regulatory framework during a session of the South Korean National Assembly. South Korean government officials are currently working on a comprehensive regulatory framework, the Digital Asset Basic Bill, which is expected to be completed next year and will consist of 13 proposals for crypto legislation currently before the National Assembly. Kim So-young, Vice Chairman of the Korean Financial Services Commission (FSC), said that given the urgency of protecting users, it would be better to set minimum necessary regulatory standards and supplement them rather than wait for international standards. the FTX crisis has demonstrated the need for regulatory mechanisms to prevent unfair trading and ensure that virtual asset service providers fulfil their obligations to protect users' assets by prohibiting service providers from issuing tokens.

Korea's basic bill on digital assets expected to be completed next year

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