According to ChainCatcher, the Financial Services Commission of South Korea announced plans to establish a virtual asset committee in the audit work status report of the National Assembly Political Committee to discuss major issues such as the approval of virtual asset spot ETFs and the licensing of virtual asset exchanges.

The Virtual Asset Committee is an advisory body that provides policy and institutional advice to virtual asset markets and business operators. It is chaired by the Vice Chairman of the Financial Services Committee and its members are officials.

Currently, the Financial Services Commission prohibits trading in virtual asset ETFs such as Bitcoin on the grounds that they are not the underlying assets specified in the (Capital Markets Act). In addition, companies are also prohibited from opening virtual asset accounts due to concerns about money laundering.

The Financial Services Commission has also established a non-profit foundation (Digital Asset User Protection Foundation) that receives user assets and returns them to businesses that have closed or suspended operations, and is reviewing update reports from businesses whose reporting periods have expired.