Commissioner Kim Byeong-hwan said on the 7th regarding virtual asset policy, "I will promptly prepare the second-phase legislation regarding the Virtual Assets Act, encompassing regulations for business entry and operations, as well as disclosure regulations for the distribution of virtual assets."

Chairman Kim Byeong-hwan of the Financial Services Commission speaks at the ruling party and government meeting on policies for the healthy development of the virtual asset market held at the National Assembly in Yeouido, Seoul on Dec. 7. From left are Kweon Seong-dong, the floor leader of the People Power Party; Kim Byeong-hwan, Chairman of the Financial Services Commission; Lee Bok-hyun, Governor of the Financial Supervisory Service; and Oh Se-jin, the CEO of Korbit. /Courtesy of Yonhap News Agency

On the same day, Commissioner Kim attended a meeting among the ruling party, the opposition party, and the government on "Policy tasks for the development of the virtual asset market" held at the National Assembly, and noted, "With the recent inauguration of the Trump administration in the United States, I expect the global virtual asset system to undergo changes more rapidly. "

Commissioner Kim said, "The government will accelerate the pace of virtual asset policy to align with this global discussion trend, and I will actively participate to ensure that the bill related to the issuance of token securities submitted to the National Assembly is discussed swiftly."

He emphasized, "It is also necessary for market participants, including virtual asset businesses, to have a higher level of systems, capabilities, and attitudes regarding internal controls, anti-money laundering measures, and investor protection that are appropriate for this requirement."

Lee Bok-hyun, the head of the Financial Supervisory Service, also expressed agreement.

Lee said, "As the new virtual asset policy proposed by the Trump administration is expected to drastically change the global regulatory environment, the necessity to swiftly push forward with the second-phase legislation is increasing." He added, "Accordingly, the Financial Supervisory Service will actively support the National Assembly's second-phase legislation while also improving the transaction support process and ensuring IT stability at the level of financial companies until the legislation is finalized, thereby enhancing self-regulation."

He also said, "We will thoroughly investigate and take action against illegal activities such as unfair trading practices in the virtual asset market."