South Korea announced 123 "Five-Year National Plans" to promote the development of the virtual asset market
PANews reported on August 14th that, according to South Korean media outlet Metro Seoul, South Korea's Presidential State Affairs Commission held a public press conference and announced a "Five-Year National Policy Plan" consisting of 123 state tasks. These tasks include "building a digital asset ecosystem" and "developing the domestic cryptoasset market." Both tasks have been designated as "national priorities" by the South Korean government.
South Korea's Financial Services Commission (FSC) is currently preparing legislation for "allowing businesses to trade virtual assets" and the second phase of the "Virtual Asset User Protection Act" to enhance the competitiveness of the country's virtual asset market. This initiative aims to shift the current regulatory-focused policy direction toward a more relaxed approach and establish consumer protection regulations comparable to those of major countries like the European Union. Given that the FSC has set deadlines for each initiative in the second half of this year, these policies are expected to be released soon.
The National Assembly is also debating the "Digital Asset Basic Act," which would define the status of virtual assets and regulate virtual asset operators on an industry-by-industry basis; and the "Stablecoin Act" (tentative title), which would clarify the status of "stablecoins" (virtual assets whose value is pegged to a currency) and establish issuance requirements, including capital requirements. All of these bills would place the Financial Supervisory Commission (FSC) in charge of approving the issuance and circulation of virtual assets.
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