South Korea is indeed planning to introduce new cryptocurrency laws, but the focus is on the second phase of cryptocurrency regulations, which will cover stablecoins and user protection.
The country’s Financial Services Commission (FSC) is currently finalizing its policy review on corporate investment in digital assets, with plans to report the results soon.
The new regulations are expected to build on the country’s first-ever cryptocurrency investor protection law, which came into effect in July 2024. The law was intended to protect deposits and regulate unfair trading practices.
Some key areas of focus for the new regulations include:
Stablecoin regulations: Establish a separate regulatory framework for stablecoin transactions and related businesses.
User Protection: Address regulatory gaps related to the issuance, distribution, and disclosure of crypto assets.
Corporate investment: Allow corporate accounts for cryptocurrency trading, with FSC nearly completing its policy review.
A draft of the new regulations is expected by mid-2025, with the laws likely to come into effect in the second half of the year.
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