South Korea's FSC to establish basic digital asset act this year

South Korea's Financial Services Commission (FSC) announced today that it plans to establish a basic act on digital assets by the end of the year to foster an innovative ecosystem. The plan was detailed in the FSC's second work report to the president. According to Digital Asset, the report also includes measures for establishing a legal framework for security tokens (STO) to improve the capital market's structure. The FSC is currently preparing an enforcement decree to regulate the security token market.