South Korea’s Financial Services Commission (FSC) has announced that it will add more layers to its crypto rules in the next month. The FSC said on Wednesday that guidelines for participation of corporate firms in cryptocurrency would be finalized. Rules will allow professional investors and listed corporations to safely attach to virtual digital assets (VDAS), dodging the risks associated with the volatile market.
FSC Said This held a meeting with experts at the virtual asset industry to discuss supplementary measures that can provide protection against scams, hacks and markets in other risks.
FSC Vice Chairperson Kim So-Young presided over the meeting. He said that the supporters-crypto works of US President Donald Trump had intensified the dialogue on the institutionalization of VDAS. According to him, the Crypto sector can be given a proper margin to grow only after strengthening the safety of the computer system and the rules were implemented to prevent money laundering.
“After the inauguration of the Trump administration, our Foreign Ministry is also intensifying the installation of a virtual asset system for ‘user protection’ and ‘virtual asset market development’, focused on the ‘Virtual Asset Committee’.”
FSC’s upcoming guidelines will clarify the methods of disclosing and reporting virtual asset transactions along with rules to handle corporate criminals. The details of these guidelines are unknown for now.
South Korea is gradually promoting corporations to detect VDA market, currently a price of $ 2.65 trillion (about Rs 2,31,11,842 crore). The nation recently implemented the ‘Virtual Asset User Protection Act’ to strengthen investor safety measures, and decided that even big investors should get a chance to detect the region under FSC inspection.
Last month, the agency was with Said Once these guidelines were finalized, the country will begin to allow selected institutional investors to open the real name trading accounts for the VDA attachment. Eligible corporations will require a balance of Rs 5 million (about Rs 3 lakh) of KRW 10 million (about Rs 3 lakh) of KRW 10 million (about 6 lakh rupees) in financial investment products to qualify for the pilot program.
According to FSC, the country has also started preparations for ‘Virtual Asset 2D Phase Integrated Act’. This will focus on regulating stablecoins and crypto-related business transactions.
The FSC said, “We are actively supporting the law related to the release of tokens and the restructuring of the liquidity regulation system (amending the capital market act, etc.) and promoting laws related to virtual property that reflects global regulatory trends,” FSC said.
