South Korean authorities review separating crypto exchange functions

South Korean financial authorities have informed the National Assembly that they are reviewing the need to reform the current structure of virtual asset exchanges, which combines brokerage, custody, and settlement functions. According to a document from the Financial Services Commission cited by The Herald Business, the authorities plan to consider introducing a separate custody business model during the second phase of legislation. The review is based on the existence of specialized Virtual Asset Service Providers that already handle custody and the European Union's Markets in Crypto-Assets (MiCA) regulation, which defines custody as an independent service.