South Korea is forming a 15-member public-private committee to address issues in the virtual asset market and study cryptocurrency laws. The committee will include government officials and representatives from the legal profession, academia, and the virtual asset industry. One of the committeeâs main roles will be to evaluate South Koreaâs plans for a spot cryptocurrency ETF and a corporate virtual asset account.
South Korean Commission Considers Spot Cryptocurrency ETF Plan
On October 13, South Korean officials reportedly revealed plans to establish a public-private committee on virtual assets later this month. The 15-member committee will address structural issues in the virtual asset market and study cryptocurrency laws.
Led by the vice-chairman of the Financial Services Commission (FSC), the committee will act as an advisory body on policy and regulation. It will consist of six members from government agencies, including the ministries of finance, justice and information and communications technology.
The remaining nine members of the committee will come from the legal profession, virtual asset scholars, and virtual asset-related organizations. Individuals with expertise in consumer protection and information security will also be included.
While the launch date has not yet been announced, reports suggest that the selection of the committee's private sector members is nearing completion.
According to another report, one of the specific roles of the committee will be to evaluate South Koreaâs plans to approve cryptocurrency exchange-traded funds (ETFs) and allow companies to open corporate virtual asset accounts.
South Korea Seeks Strong Regulatory Framework for Virtual Assets
Meanwhile, News1 reported that the Financial Services Commission (FSC) is reviewing applications for virtual asset business operators to extend their operations and is working to amend the Specific Financial Information Act to strengthen its reporting system.
âWe will review the regulations on business operations and entry, issuance, disclosure and listing regulations through the establishment of a statutory association,â the FSC said.
The regulator added that it plans to gradually introduce regulations for virtual asset businesses, starting with the Virtual Asset User Protection Act. The goal is to establish a strong regulatory framework for the virtual asset industry in South Korea.
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