According to PANews, South Korean financial authorities are expediting the drafting process for the second phase of virtual asset legislation. This phase will address corporate regulation and token circulation disclosure. Kim Byung-hwan, Chairman of the Financial Services Commission (FSC), stated during a parliamentary meeting that the global cryptocurrency regulatory landscape is expected to change rapidly following recent actions by U.S. President Donald Trump's administration. He emphasized the necessity for South Korea to keep pace with these global developments.