🇰🇷 South Korea wants to quickly finalize the crypto legal framework
Although the crypto law has been in effect since July last year, South Korea is still intensifying efforts to complete the legal framework to quickly adapt to global trends.
The Financial Services Commission of South Korea (FSC) has just initiated discussions on the second phase of this legal framework, with plans to complete the draft in the second half of this year. This time, the goal is to create a "more comprehensive and realistic" set of laws with highlights:
• Covering all entities in crypto: Not only stopping at exchanges (which are already required to hold at least 80% of user assets in cold wallets), but also expanding to service providers, users, etc.
• Ensuring transparency in new coin listings: Ensuring a clear process and transparency of all information, similar to how traditional financial companies operate.
• Strengthening stablecoin management: Learning from other countries on how to manage the reserves of issuers and protect users' withdrawal rights.
South Korea is one of the largest crypto hubs in the world, with Upbit being among the TOP3 globally in trading volume. Therefore, the authorities here will hasten the completion of the law to protect investors and minimize risks in this nascent field.