South Korean authorities rule out immediate virtual asset deregulation

South Korea's top financial and foreign exchange regulators have signaled their opposition to any immediate easing of virtual asset regulations, Edaily reported. The stance comes in response to a review by the country's Ministry of SMEs and Startups into rationalizing the current rules. On June 22, the Financial Services Commission (FSC), Ministry of Economy and Finance, and the Bank of Korea concluded after an internal review that it would be difficult to pursue the deregulation measures requested by the industry. The regulators noted that there has been no confirmed shift in policy toward deregulation and that many of the proposed changes would be impossible without amending existing laws. The review followed a meeting held on June 8 by the Ministry of SMEs and Startups with industry representatives. An FSC official stated that the agency is currently listening to the industry's opinions on sub-regulations rather than planning to ease them, adding that nothing has been confirmed. An official from the Ministry of Economy and Finance also said the ministry is not currently reviewing any deregulation related to virtual assets.