South Korea moves to establish new virtual asset watchdog

A bill to strengthen surveillance of the virtual asset market in South Korea has been referred for committee review, Newsis reported on April 1. According to the National Assembly, its National Policy Committee began reviewing a partial amendment to the Act on the Protection of Virtual Asset Users on March 31. The amendment proposes the establishment of a new virtual asset market surveillance body, which would be composed of virtual asset service providers as members. The move is aimed at creating a more systematic framework for managing and supervising the market.