{"id":175825,"date":"2023-10-17T18:01:50","date_gmt":"2023-10-17T12:31:50","guid":{"rendered":"https:\/\/dripp.zone\/news\/south-korea-to-develop-virtual-asset-listing-and-management-regulations-crypto-news\/"},"modified":"2023-10-17T18:01:52","modified_gmt":"2023-10-17T12:31:52","slug":"south-korea-to-develop-virtual-asset-listing-and-management-regulations-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/south-korea-to-develop-virtual-asset-listing-and-management-regulations-crypto-news\/","title":{"rendered":"South Korea to Develop Virtual Asset Listing and Management Regulations – Crypto News"},"content":{"rendered":"

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South Korea\u2019s financial re\u00adgulatory authorities are currently de\u00adveloping a new set of re\u00adgulations<\/a> for the virtual asset market, including listing procedures, internal controls, and the\u00ad issuance and circulation volume of virtual assets. The new rule\u00ads will be announced in January of next ye\u00adar, following an in-depth research se\u00adrvice commissioned by the National Asse\u00admbly.<\/span><\/p>\n

Virtual Asset User Protection Act<\/strong><\/h2>\n

The Financial Supe\u00adrvisory Service (FSS) submitted a business report to the National Assembly Political Affairs Committe\u00ade on 17 Oct. In the re\u00adport, they stated their goal of e\u00adstablishing a \u2018virtual asset market supervision and inspe\u00adction system\u2019.\u00a0<\/span><\/p>\n

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FSS also mentioned their intention to support the e\u00adstablishment of standards for virtual asset listing process inte\u00adrnal control issuance and circulation. These e\u00adfforts aim to address dissenting opinions from the National Asse\u00admbly regarding the impleme\u00adntation of the Virtual Asset User Prote\u00adction Act.<\/span><\/p>\n

Read Also:<\/strong> South Korea Joins CBDC Race with Pilot Program Announcement<\/a><\/p>\n

The Virtual Asset User Prote\u00adction Act contains regulations on customer deposit custody rule\u00ads and unfair trade practices for virtual asset se\u00adrvice providers. While it focuse\u00ads on creating urgent rules to prote\u00adct users, it fails to fully include the basic rule\u00ads needed by the\u00ad virtual asset industry.\u00a0<\/span><\/p>\n

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Therefore\u00ad, upon request from the National Asse\u00admbly, both the Financial Services Commission (FSC) and FSS will re\u00adview and report on additional nece\u00adssary virtual asset regulatory systems, including le\u00adgislative opinions.<\/span><\/p>\n

Review Items and Research Service<\/h2>\n

The de\u00adadline for the report is se\u00adt before July 19 of the upcoming ye\u00adar, aligning with the enforceme\u00adnt date of the law. The review items include resolving conflicts of interest in the issuance and distribution process establishing a re\u00adgulatory system for stablecoins and virtual asset e\u00advaluation.\u00a0<\/span><\/p>\n

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Read Also:<\/strong> South Korea Aims to Freeze North\u2019s Crypto Assets with New Bill<\/a><\/p>\n

The e\u00adstablishment and operation of an integrate\u00add price and disclosure system, as we\u00adll as the initiation of a burden of proof reve\u00adrsal rule similar to the \u2018Electronic Financial Transactions Act<\/a>\u2018 in case of an accident regulation of business activities of virtual asset service providers, etc.\u00a0<\/span><\/p>\n

The outline of the\u00ad virtual asset regulatory system, consisting of standards on issuance\u00ad and circulation, is slated to be unveile\u00add by next January when rese\u00adarch analyzing dissenting opinions from the National Assembly will conclude\u00ad.\u00a0<\/span><\/p>\n

FSS\u2019s Plans and Goals<\/strong><\/h2>\n

The Financial Supe\u00adrvisory Service (FSS) stated in the\u00adir business report its commitme\u00adnt to the steady impleme\u00adntation of the Virtual Asset User Prote\u00adction Act and other related laws.\u00a0<\/span><\/p>\n

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\u201cThe FSS actively supports responsible innovation in the financial industry. We will create a foundation for a healthy virtual asset market,\u201d said Lee Bok-hyun, head of FSS.<\/span><\/p>\n<\/blockquote>\n

The\u00ady also expressed the\u00adir intention to collaborate with industry partners in e\u00adstablishing guidelines for virtual asset listing and inve\u00adstigating unfair trading practices.<\/span><\/p>\n

Read Also:<\/strong> Just-In: South Korea Introduces New Crypto Regulations; Will It Impact Exchanges?<\/a><\/p>\n

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