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South Korea’s FSC to Finalize Second Phase of Virtual Asset Law by September

South Korea’s FSC to Finalize Second Phase of Virtual Asset Law by September

Chairman Kim Byung-hwan told lawmakers the Virtual Asset Basic Law’s second phase will be prepared before the regular National Assembly session in September.

Fact Check
The statement is strongly supported by recent evidence. Source 4 explicitly states that FSC Chairman Kim Byung-hwan confirmed plans to finalize the second phase of virtual asset legislation before the regular National Assembly session in September. Other sources corroborate that the FSC is working on this framework for release in Q3 or the second half of the year (Sources 10, 11), which is consistent with the September timeline.
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Summary

Kim Byung-hwan, Chairman of South Korea’s Financial Services Commission, announced that preparations for the second phase of the Virtual Asset Basic Law will be completed before the September regular National Assembly. He made the statement during a parliamentary committee session, responding to questions from Democratic Party lawmaker Min Byung-deok. The objective is to ensure the legislation is ready for discussion during the assembly session.

Terms & Concepts
  • Virtual Asset Basic Law: A legislative framework in South Korea designed to regulate digital assets and related activities, aiming to establish investor protection and market stability.
  • Financial Services Commission (FSC): South Korea’s primary financial regulatory body overseeing financial institutions, capital markets, and digital asset policies.
  • National Assembly: The legislative body of South Korea where laws, including digital asset regulations, are proposed, debated, and enacted.