REGULATION

South Korea's Financial Supervisory Service (FSS) visited the U.S. Securities and Exchange Commission (SEC) in January to learn from their experiences and discuss securities determinations with Gary Gensler.

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South Korean Financial Regulatory Authority to Visit the U.S. SEC in January

According to South Korean media ChosunBiz, the South Korean Financial Regulatory Authority revealed on the 18th that it is coordinating a visit to the U.S. Securities and Exchange Commission (SEC) in late January, where the chairman will meet with Gary Gensler.

This move is primarily due to South Korea's implementation of the Virtual Asset Protection Act in July next year. However, South Korea lacks experience in regulating the virtual asset market and hopes to establish the role of the South Korean Financial Regulatory Authority in cryptocurrency regulation through this meeting.

The report also pointed out that although the South Korean bill imposes stricter obligations on cryptocurrency businesses regarding "user management," there is still no specific regulatory plan in place.

South Korea Passes the "Virtual Asset Protection Act"! Local exchanges to implement cryptocurrency alert systems

Securities Determination as a Key Issue

Whether virtual assets involve securities attributes is also expected to be one of the topics of this meeting.

The Chairman of the South Korean Financial Regulatory Authority stated that the determination of virtual assets as securities may become an important issue in the second half of next year, and he will use this opportunity to prepare alternative regulatory measures for South Korea.

In particular, the Virtual Asset Protection Act, which will be launched in July next year, is a bill that applies to non-securities virtual assets. Whether it conflicts with South Korea's Capital Market Act, which focuses on the securities market, is still subject to further discussion in the future.