Kim Pyongyan, head of the South Korea Financial Services Committee (FSC), announced that the government will accelerate the formulation of the second phase of the encrypted currency law. This stage will include regulations on entry and operation of businesses, as well as the rules for distributing and disclosing virtual assets.
Current currency bill in South Korea
President Kim issued this at a Democratic Party meeting to judge the “duties of the policy development policy” held in the National Assembly. He pointed out that global changes are expected to accelerate in the scene of virtual assets after the recent opening of the Trump administration in the United States. “The government will align its virtual assets policies with these global transformations,” Kim said, stressing the need to quickly adapt to international developments.
According to the local media ReportsKim also expressed his commitment to support the rapid discussion of the draft law on the issuance of Crypto Securities, which was already submitted to the National Assembly.
Moreover, KIM highlighted the importance of improving internal controls within the participating currency market. He stressed that operators must enhance their systems in areas such as fighting money laundering, protecting investors, and the total ability to meet the increasing demands of the market.
Lee Book Hyun, the financial supervisory service ruler, pointed out that the organizational environment is changing quickly due to the new encryption policy of the United States administration, and its latter order of encryption. He also stressed the urgency of the follow -up of the second phase of legislation to keep pace with these global developments.
The ruler also affirmed that the financial supervision service will continue to support the efforts of the National Assembly, improve transactions, stabilize information technology, and ensure effective self -regulation within the industry. He also repeated the agency’s commitment to strict investigation and take measures against illegal activities, such as unfair commercial practices in the virtual asset market.
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