TechFlow News, June 22: According to Edaily, South Korea’s Ministry of SMEs and Startups recently held a consultation meeting with the virtual asset industry on “regulatory rationalization,” discussing topics including overseas transfer business access, registration thresholds for startups, cross-border remittance and investment restrictions, and the drafting of the Digital Asset Basic Act. However, the Financial Services Commission (FSC), the Ministry of Economy and Finance, and the Bank of Korea explicitly stated that there are currently no plans to immediately ease virtual asset regulation; related discussions remain at the stage of opinion gathering.
Regulators noted that existing laws governing virtual asset overseas transfer businesses already restrict such activities to qualified virtual asset service providers (VASPs); thus, it is not feasible to open this business to fintech firms that have not completed mandatory registration merely by amending enforcement decrees. Industry stakeholders, meanwhile, are urging swift enactment of the Digital Asset Basic Act and advocating for phased regulation and expansion of regulatory sandboxes to reduce compliance burdens on innovative enterprises.
