South Korea Crypto News: New Committee for Regulation Formed

South Korea Crypto News: Evaluating Spot ETF Plans Soon

South Korea is taking significant steps to address challenges in the virtual asset market by forming a 15-member public-private committee. This initiative aims to explore cryptocurrency legislation and improve the overall regulatory framework. The committee will include representatives from the government, legal profession, academia, and the virtual asset industry, ensuring a comprehensive approach to tackling current issues.

Evaluating Cryptocurrency ETFs and Corporate Accounts

Announced on October 13, the committee will be led by the vice chairman of the Financial Services Commission (FSC) and will consist of six government officials from key ministries, including finance, justice, and information technology. The remaining nine members will include experts from the legal field, academia, and various virtual asset organizations. Among the committee’s primary responsibilities will be evaluating South Korea’s plans for spot cryptocurrency exchange-traded funds (ETFs) and permitting companies to open corporate virtual asset accounts.

The establishment of this committee comes at a crucial time when the South Korean crypto market is undergoing rapid changes. While the specific launch date of the committee has yet to be announced, reports indicate that the selection process for private-sector members is nearly complete.

Strengthening Regulations in the Crypto Market

In tandem with this initiative, the FSC is also reviewing applications from virtual asset business operators and plans to revise the Specific Financial Information Act to enhance the reporting system. The commission stated, “We will review regulations on business operations and entry, as well as on issuance, disclosure, and listing through the establishment of a statutory association.”

These actions reflect South Korea’s commitment to developing a robust regulatory framework for the crypto market. As the country moves toward clearer crypto regulations, it aims to protect consumers and ensure the sustainable growth of the virtual asset industry. This could potentially change the landscape of South Korea's crypto exchange and create a safer environment for cryptocurrency transactions and investments.

Also Read: Dubai, Switzerland, South Korea: 2024's Crypto Leaders!