Table of Contents
Toggle
Korean Financial Supervisory Service to Visit SEC in January
Securities Determination Becomes a Major Issue
Korean Financial Supervisory Service to Visit SEC in January
According to Korean media outlet ChosunBiz, the Korean Financial Supervisory Service revealed on the 18th that it is coordinating a visit by its director to the U.S. Securities and Exchange Commission (SEC) in late January for a meeting with Gary Gensler. This move is mainly due to Korea’s implementation of the Virtual Asset Protection Act in July next year. However, Korea lacks experience in regulating the virtual asset market and hopes to establish the role of the Korean Financial Supervisory Service in cryptocurrency regulation through this meeting.
The report also pointed out that although the Korean bill imposes stricter obligations on cryptocurrency businesses to “manage users,” no specific regulatory plan has been formulated yet.
Advertisement – Continue reading below
(
Korea Passes the “Virtual Asset Protection Act”! Local exchanges to implement cryptocurrency alert systems
)
Securities Determination Becomes a Major Issue
Whether virtual assets involve securities attributes is also expected to be one of the topics of this meeting.
The director of the Korean Financial Supervisory Service stated that the determination of securities attributes for virtual assets may become an important issue in the second half of next year, and he will use this opportunity to prepare an alternative regulatory plan for Korea.
In particular, the Virtual Asset Protection Act, which will be implemented in July next year, is a bill aimed at non-securities virtual assets. It is still uncertain whether it conflicts with Korea’s Capital Market Act, which focuses on the securities market.
SEC
Korean Financial Supervisory Service
Lee Bok-hyun
Further Reading
Passing in January? Bitcoin Spot ETF has become a “key priority” for BlackRock
BlackRock submits Bitcoin Spot ETF to SEC, code-named “IBIT”