Korea Financial Services Commission maintains focus on investor protection...Corporate investment approval or postponement

The Financial Services Commission of Korea has made “user protection” of virtual currency operations its top priority, as it did last year, and has implemented the two-stage regulation and permission for corporate virtual currency investments that the industry has requested in order to revitalize the market.
The Financial Services Commission announced its main business promotion plan on the 8th and announced that this year's investor protection system will be the first to be implemented.
At a press conference held on the afternoon of the 7th, Financial Services Commission Secretary-General Kwon Tae Yeon said, "We will work to stabilize the (cryptocurrency-related) system."
"The most important thing is to protect investors," he said, "From now on, we will gradually discuss (topics related to virtual currencies) in line with global regulations." Secretary-General Kwon Tae Yeon continued,
"There is no country in the world where virtual currency trading is more convenient than in South Korea," he said. "In light of this, we first need a system to protect users."
During the course of this year's work, the Financial Services Commission decided to promote "investor
The Financial Services Commission's Financial Intelligence Unit (FIU) announced in February last year that it will prioritize "protection of the financial system," resulting in a forecast that will not change significantly from last year's business plan.
In the "Security Plan," the ministry presented the following policy directions: △Strengthening business anti-money laundering (AML) capabilities △Protecting users through strengthened business screening and inspections △Strengthening capabilities to detect virtual currency crimes.
At the time, the Virtual Currency User Protection Act, which provided for investor protection such as the prohibition of unfair trading practices, was scheduled to come into force.
The bill was also criticized as being incomplete because it did not include a market discipline system.
The Financial Services Commission conducted two-stage legislative discussions on virtual currency investment, but there were no major changes in the plan announced this year. This year, the Financial Services Commission decided to gradually allow corporations to issue real-name accounts at virtual currency exchanges by type of corporation.
In addition, in order to improve global regulatory consistency, the government will also promote a "two-stage virtual currency legislation" that includes a system for issuing and publicly announcing virtual currencies and a discipline system for stable coins.
This is an issue that the Financial Services Commission has been planning to discuss since the second half of the year, so it is not something that was announced this year.
I will provide more details through the Virtual Currency Committee of the SEC.