The head of the Financial Innovation Department of the Financial Services Commission of South Korea said that before implementing the second-phase legislation to regulate the issuance, distribution and disclosure of virtual assets, it hopes to prepare a regulatory system in the form of self-regulation by soliciting industry opinions and referring to foreign laws (including those of the European Union and the United States).
South Korea's first legislative phase for the crypto industry is the Virtual Asset Investor Protection Act, which was passed on May 11. The second phase of legislation will promote supplementary regulations on market order such as virtual asset issuance and disclosure. (Infomax)