South Korea eyes capital market-level disclosure for crypto

A preliminary draft of South Korea's second-phase digital asset legislation, advanced by the government and the ruling party, includes plans to elevate crypto disclosures to the standard of the country's existing electronic disclosure system (DART), Maeil Business Newspaper reported exclusively. The proposal is part of a research report commissioned by South Korea's Financial Services Commission from Seoul National University's Center for Financial Law. The report suggests creating new licensed business categories for virtual asset evaluation, advisory, and disclosure services, and introducing regulations comparable to the Financial Consumer Protection Act. The study also noted that the current self-regulatory body, the Digital Asset eXchange Alliance (DAXA), has structural difficulties in resolving conflicts of interest. As previously reported, the report does not include provisions to limit the shareholdings of major exchange owners.