South Korea’s Financial Services Commission said the Digital Asset Framework Act will be submitted in November for review by a committee under the National Assembly, pushing back on claims that the country’s second phase of crypto legislation has been delayed. Seo Na yoon, director of the FSC’s Digital Asset Bureau, said preparations for the bill are moving ahead on schedule. The proposed law is intended to set up a broader regulatory framework for South Korea’s crypto sector, covering investor protection, market oversight, and operating standards for virtual asset service providers, or VASPs. The move is described as a deeper step in the country’s crypto regulatory effort following the implementation of the Virtual Asset User Protection Act.
South Korea’s Financial Services Commission, or FSC, said the Digital Asset Framework Act will be submitted in November for review by a committee under the National Assembly. The agency also rejected claims that the country’s second-stage crypto legislation has been delayed.
Seo Na yoon, director of the FSC’s Digital Asset Bureau, said preparations for the bill are moving forward on schedule.
Bill targets broader crypto rules
According to the information released, the Digital Asset Framework Act is designed to establish a more comprehensive regulatory framework for South Korea’s cryptocurrency industry. It covers investor protection, market oversight, and operating standards for virtual asset service providers, or VASPs.
The step is described as a further deepening of South Korea’s crypto regulatory regime after the implementation of the Virtual Asset User Protection Act.
The item was published by Techub and cited Crypto.news.
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