South Korea's FSC Revives Push for Digital Asset Basic Act

The Financial Services Commission (FSC) of South Korea has resumed efforts to advance the Digital Asset Basic Act, a second-stage virtual asset law aimed at establishing a comprehensive regulatory framework for digital assets.

The move comes after private talks between FSC officials and members of the ruling Democratic Party, including Yoo Dong-soo, chair of the National Assembly's Political Affairs Committee. The discussions focused on strategies to advance the bill, which is expected to be introduced as a member-sponsored bill under Yoo's name.

The Digital Asset Basic Act aims to address areas not covered by the first-phase Virtual Asset User Protection Act, such as stablecoin regulation and disclosure requirements. This comprehensive law is seen as a critical step toward aligning South Korea's regulatory environment with global standards.