According to ChainCatcher, the Financial Services Commission of South Korea has made it clear that it will actively support the second phase of virtual asset legislation. Kim Sung-jin, director of the Virtual Assets Section of the Financial Services Commission, said that the US policy direction will become an important reference for South Korea's virtual asset legislation.

He pointed out that a strategic approach is needed in the field of security tokens and central bank digital currencies (CBDCs) to speed up the discussion in Congress on the revision of relevant bills such as the Capital Markets Act.

South Korean authorities plan to focus on the business practices and qualifications of virtual asset service providers in the second phase of virtual asset legislation. Members of the National Assembly’s Political Affairs Committee said that digital assets are expected to create a new financial order and bring opportunities and challenges to the South Korean economy.