South Koreaβs Financial Supervisory Service to Introduce New Crypto Regulations
The Financial Supervisory Service (FSS) in South Korea is working on additional regulations to complement the Virtual Asset Users Protection Act, which was passed earlier this year. The FSS aims to have these new regulations ready by January, well before the law comes into effect.
Audit Reveals Concerns about “Burger Coins”
During an audit conducted by the South Korean National Assembly Political Affairs Committee, FSS head Lee Bok-hyeon addressed concerns about South Koreans losing money on “burger coins.” This term refers to foreign-issued cryptocurrencies that are traded in South Korea.
FSS Collaboration with DAXA
The FSS plans to collaborate with the Digital Asset eXchange Association (DAXA), which consists of local crypto exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax. Together, they will establish standards for listing procedures, internal controls, issuance and distribution of virtual assets, as well as a virtual asset market supervision and inspection system.
Hot Take: Strengthening Regulation for Crypto Protection
South Korea’s Financial Supervisory Service is taking proactive measures to protect crypto users by introducing new regulations. These regulations aim to address concerns about foreign-issued cryptocurrencies and ensure the safety and integrity of the virtual asset market. By collaborating with major local crypto exchanges through DAXA, the FSS can establish industry standards and enhance market supervision. The timely implementation of these regulations demonstrates South Korea’s commitment to fostering a secure and transparent crypto ecosystem.
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