The South Korean National Assembly Political Affairs Committee passed the first phase of the Virtual Asset Investor Protection Act at the bill review subcommittee. The core of the first phase of virtual asset legislation is to introduce legal rules to protect users, such as protecting customer assets and eliminating unfair transactions. When international standards for virtual assets are introduced, the country's second phase of legislation will promote supplementary regulations on market order such as virtual asset issuance and disclosure.
At the small committee meeting that day, issues such as setting up a digital asset committee and excluding CBDC from the definition of virtual assets became the focus of debate, but as differences of opinion were eliminated, the bill was passed. (FNNews)