South Korea's Financial Services Commission Plans To Establish Virtual Asset Committee

According to Odaily, the Financial Services Commission (FSC) of South Korea is planning to establish a Virtual Asset Committee. This committee will be composed of public and private experts, including professionals from the public sector, academia, legal field, and the virtual asset industry. The committee's primary responsibility will be to provide policy and regulatory guidance to the cryptocurrency market and related businesses. It has been reported that the 'Virtual Asset User Protection Act' in South Korea will come into effect on July 19. The Financial Services Commission will implement this new regulation accordingly. This move is seen as a significant step towards regulating the burgeoning cryptocurrency market in the country, providing a structured framework for businesses and users alike. The establishment of the Virtual Asset Committee is expected to bring a more balanced and informed perspective to the regulation of virtual assets. By including experts from various fields, the committee aims to ensure that the regulations are comprehensive and take into account the unique challenges and opportunities presented by the virtual asset industry.