South Korea plans to introduce a new cryptocurrency bill in the second half of 2025

ChainCatcher news, according to TheBlock, the South Korean Financial Services Commission (FSC) has begun discussions on formulating a second phase of cryptocurrency regulatory framework, with plans to draft relevant legislation in the second half of this year.

FSC Vice Chairman Kim So-young stated in the meeting that major global economies are accelerating the establishment of cryptocurrency regulations to enhance investor protection and eliminate regulatory uncertainty. The new regulatory framework will take a comprehensive and systematic approach, covering service providers, cryptocurrency users, and the market. Topics discussed in the meeting included increasing transparency for new listings on exchanges, requiring cryptocurrency entities to implement the same information disclosure requirements as traditional financial companies, and regulatory matters such as reserve asset management for stablecoin issuers and user redemption rights.

It is worth noting that South Korea's first cryptocurrency regulatory framework came into effect last July, which requires service providers to store at least 80% of users' cryptocurrency deposits in cold wallets, kept separate from their own funds.