TechFlow news, on January 15, according to TheBlock, the South Korean Financial Services Commission (FSC) has begun discussing the development of a second-phase cryptocurrency regulatory framework, planning to draft relevant legislation in the second half of this year.
FSC Vice Chairperson Kim So-young stated during the meeting that major global economies are accelerating the establishment of cryptocurrency regulations to enhance investor protection and eliminate regulatory uncertainty. The new regulatory framework will adopt a comprehensive and systematic approach covering service providers, cryptocurrency users, and markets. Discussion topics included enhancing transparency for new token listings on exchanges, requiring crypto entities to comply with the same disclosure requirements as traditional financial firms, and regulatory matters concerning reserve asset management by stablecoin issuers and users' rights to redemption.
Notably, South Korea's first cryptocurrency regulatory framework took effect last July, mandating service providers to store at least 80% of users' cryptocurrency deposits in cold wallets, segregated from their own funds.
