South Korea’s Financial Services Commission, the Ministry of Economy and Finance, and the Bank of Korea said after a joint review that there is no current plan to loosen virtual asset regulations. Measures sought by the industry also have no defined timetable.
Internal review followed a June 8 industry meeting
The review came after a “virtual asset regulation rationalization” meeting held on June 8 by South Korea’s Ministry of SMEs and Startups with industry representatives. According to Edaily, the three agencies reached a common view during their internal assessment: the overall policy stance has not shifted, and regulators are still keeping a cautious line. Some proposals submitted by the industry would be hard to implement without changing existing laws.
The Financial Services Commission added that it is still collecting industry views on specific implementation details. That process should not be read as a sign of deregulation, and no concrete plan has been finalized at this stage.
Legal revision seen as necessary for cross-border easing
The Ministry of Economy and Finance and the Bank of Korea said that easing requirements tied to overseas virtual asset business would require amendments to the enforcement decree of the Foreign Exchange Transactions Act. Without such legal changes, industry calls to lower barriers and relax capital requirements would remain difficult to carry out.
For now, that leaves operating standards for crypto exchanges and other virtual asset businesses unchanged. The report said exchanges must still maintain capital reserves of 3 billion won.
Industry activity continues under the same rules
On the same day, Toss Bank said it would launch a proof-of-concept project for global remittance and settlement on the Solana blockchain. Regulation has not moved, but business planning is still active, showing that local firms are trying to expand within the current compliance framework.
South Korea has about 8 million cryptocurrency investors, according to the report. It also described the country as the second-largest crypto market in the Asia-Pacific region after China. The latest joint review points to a clear near-term message: rules are staying in place, and any later changes are more likely to arrive through operating guidelines and accounting standards than through a broad rollback.