Korean Financial Regulatory Agency Visits the U.S. SEC in January, Discusses Securities Determination with Gary Gensler
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Korean Financial Regulatory Authority Visits SEC in January
Securities Determination Becomes Major Issue
Korean Financial Regulatory Authority Visits SEC in January
According to Korean media outlet ChosunBiz, the Korean Financial Regulatory Authority revealed on the 18th that it is coordinating a visit by the Director in late January to the U.S. Securities and Exchange Commission (SEC) for a meeting with Gary Gensler.
This move is primarily due to the implementation of the Virtual Asset Protection Act in Korea in July next year. However, Korea lacks experience in regulating the virtual asset market and hopes to establish the role of the Korean Financial Regulatory Authority in cryptocurrency regulation through this meeting.
The report also points out that although the Korean law imposes stricter obligations on cryptocurrency businesses to “manage users,” specific regulatory plans have not yet been formulated.
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(Korea passes the “Virtual Asset Protection Act”! Local exchanges implement cryptocurrency alert system)
Securities Determination Becomes Major Issue
Whether virtual assets involve securities is also expected to be one of the topics of this meeting.
The Director of the Korean Financial Regulatory Authority stated that the determination of securities for virtual assets may become an important issue in the second half of next year, and he will use this opportunity to prepare alternative regulatory plans for Korea.
In particular, the Virtual Asset Protection Act, which will be launched in July next year, is a law for non-security virtual assets. The potential conflict between this law and Korea’s Capital Market Act for the securities market still needs to be discussed in the future.
SEC
Korean Financial Regulatory Authority
Lee Bok-hyun
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