Korea Must Adapt as US Crypto Rules Advance

Despite delays in virtual asset legislation in the US Congress, regulatory changes are taking place, and South Korea should update its outdated framework to take advantage of opportunities in the digital asset market, experts said at a seminar.

Miller Whitehouse-Levine, CEO of the Solana Policy Institute, stated that 'virtual asset legislation in the US Congress is being delayed, but regulators are putting the relevant rules in place.'

Two days after the CLARITY Act failed, the Securities and Exchange Commission announced a measure allowing shares of US-listed companies to be tokenized and traded on public blockchains.

The most important regulatory change in the US has taken place, according to Whitehouse-Levine. However, he observed that the CLARITY Act is unlikely to pass even in two years' time due to sharp disagreements over its ethics provisions.