On October 19, the head of South Korea’s Financial Supervisory Service made it clear in the National Assembly:
A new crypto regulatory framework is nearly complete.
The speaker was Lee Jeong-jin, at a parliamentary audit by the National Assembly’s Political Affairs Committee.
The Financial Intelligence Unit (FIU) is leading the effort, with the Financial Supervisory Service working alongside it.
The goal is to build a comprehensive system for crypto regulation, rather than just addressing problems one at a time.
This isn’t the first move.
On October 13, South Korea blocked the websites of 27 unregistered overseas exchanges.
Last year, it cut off app downloads. This year, it went straight for the websites.
But this time, the announcement wasn’t about blocking a few more exchanges.
It was about the framework itself.
A draft of the second-phase Digital Asset Basic Act is in the works.
The rules for issuance, trading, and custody are all set to be established at once.
At the hearing, one lawmaker spoke out bluntly.
Lee Kang-il said that authority over crypto is currently scattered across four agencies:
the Financial Services Commission, the Financial Supervisory Service, the FIU, and the central bank.
Everyone has some oversight, but no one oversees it all.
Even major domestic exchanges were called out for failing internal controls, with suspected violations turning up in large numbers.
The message is clear:
The crackdown has already begun, and only now are they saying the framework is almost ready.
From now on, doing crypto business in South Korea without registration means having no business at all.
There’ll be no room for trying to skirt the rules.
Last week, the FIU also disclosed that 44 unregistered operators had been referred for investigation.
This isn’t a bluff—it’s a crackdown closing in.
When it comes to regulatory trends in Asia, South Korea has long been the bellwether.
#韩国监管 #加密新规 $BTC
These are personal views only and do not constitute investment advice.
A new crypto regulatory framework is nearly complete.
The speaker was Lee Jeong-jin, at a parliamentary audit by the National Assembly’s Political Affairs Committee.
The Financial Intelligence Unit (FIU) is leading the effort, with the Financial Supervisory Service working alongside it.
The goal is to build a comprehensive system for crypto regulation, rather than just addressing problems one at a time.
This isn’t the first move.
On October 13, South Korea blocked the websites of 27 unregistered overseas exchanges.
Last year, it cut off app downloads. This year, it went straight for the websites.
But this time, the announcement wasn’t about blocking a few more exchanges.
It was about the framework itself.
A draft of the second-phase Digital Asset Basic Act is in the works.
The rules for issuance, trading, and custody are all set to be established at once.
At the hearing, one lawmaker spoke out bluntly.
Lee Kang-il said that authority over crypto is currently scattered across four agencies:
the Financial Services Commission, the Financial Supervisory Service, the FIU, and the central bank.
Everyone has some oversight, but no one oversees it all.
Even major domestic exchanges were called out for failing internal controls, with suspected violations turning up in large numbers.
The message is clear:
The crackdown has already begun, and only now are they saying the framework is almost ready.
From now on, doing crypto business in South Korea without registration means having no business at all.
There’ll be no room for trying to skirt the rules.
Last week, the FIU also disclosed that 44 unregistered operators had been referred for investigation.
This isn’t a bluff—it’s a crackdown closing in.
When it comes to regulatory trends in Asia, South Korea has long been the bellwether.
#韩国监管 #加密新规 $BTC
These are personal views only and do not constitute investment advice.