South Korea Revives Efforts on Second-Stage Virtual Asset Law

The Financial Services Commission (FSC) in South Korea has resumed efforts to advance the second-stage virtual asset law, known as the Digital Asset Basic Act. This move indicates a renewed push to establish a comprehensive regulatory framework for digital assets in the country.

The FSC recently held private discussions with Yoo Dong-soo, chair of the National Assembly's Political Affairs Committee and a member of the ruling Democratic Party, along with ruling party floor member Park Sang-hyuk. The talks focused on strategies to advance the Digital Asset Basic Act, which is expected to be introduced as a member-sponsored bill under Yoo's name.

The bill aims to establish broader rules covering token listings, issuance, and market practices. It is expected to address areas not covered by the first phase of regulation, such as stablecoin regulation, disclosure requirements, and the legal status of digital assets.