South Korea Plans New Crypto Regulations by January to Supplement Virtual Asset Law

South Korea passed the Virtual Asset Users Protection Act in June, but more regulation is still needed according to the head of the Financial Supervisory Service.

The FSS plans to have new regulations ready by January to supplement the law before it takes effect.

The regulations will cover areas like listing procedures, internal controls, and issuance and distribution of digital assets.

The FSS head discussed the regulations with the Digital Asset eXchange Association made up of major Korean crypto exchanges.

The FSS head said the June law lacked regulatory details like giving the agency authority over manipulation and disclosure violations.