South Korean Regulator Details Steps to Improve Digital Asset Legislation

South Korea’s Financial Supervisory Service (FSS) is currently working on regulations to enhance the Virtual Asset Users Protection Act that was enacted earlier this year, according to local news reports. The new regulations are expected to be finalized by January, ahead of the law’s implementation, as indicated by the head of the FSS.

On October 17, the South Korean National Assembly Political Affairs Committee conducted an audit of the FSS. During this session, FSS head Lee Bok-hyeon addressed concerns regarding the financial losses experienced by South Koreans investing in “burger coins,” a term used to refer to foreign-issued cryptocurrencies traded within South Korea.