In June, South Korea's Virtual Asset User Protection Act was enacted, though it lacked a comprehensive set of regulations, remarked the leader of South Korea's Financial Supervisory Service (FSS). As per domestic news sources, the FSS is currently formulating supplementary rules for this act. These guidelines are expected to be unveiled by January, well in advance of the law's formal implementation.
During an audit by the South Korean National Assembly Political Affairs Committee on October 17, FSS's chief, Lee Bok-hyeon, addressed concerns over South Koreans incurring losses from crypto "burger coins" – a colloquial term in Korea for foreign-issued cryptos traded domestically. As part of their commitment to refining the crypto space, the FSS plans to roll out standards encompassing the issuance, distribution, listing processes, and
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First found on: South Korea's FSS to Bolster Crypto Regulations
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