South Korea's Financial Services Commission (FSC) Chairman Kim Joo-hyun has said at a meeting of the National Assembly that a working group of private sector experts and relevant ministries will "accelerate the process of reviewing draft laws on virtual assets."
Joo-hyun said the crypto legislation will take a "balanced" approach to the development of blockchain technology, investor protection and market stability.
South Korean President Yoon Suk-yeol has also promised to enact a comprehensive set of crypto-related regulations, tentatively called the Digital Asset Basic Law, which will emerge from 13 proposals to be debated in the National Assembly.
