South Korea's FSC discusses digital asset bill in first 2026 meeting

South Korea's Financial Services Commission (FSC) held its first Virtual Asset Committee meeting of 2026 on March 4 at the Government Complex Seoul, chaired by FSC Vice Chairman Kwon Dae-young. The committee discussed its response to a past incident involving erroneous virtual asset payments and explored directions for regulatory improvements. According to Edaily, officials from relevant ministries, financial authorities, and private sector members also reviewed the main contents of the government's draft for a bill known as the Digital Asset Basic Act, or the second phase of virtual asset legislation. Following the meeting, the FSC will work to enhance the self-regulatory internal control standards of the Digital Asset eXchange Alliance (DAXA) and will proceed with government-party consultations to advance the legislation.