South Korea to ease crypto rules, may end one-exchange, one-bank policy

South Korean financial authorities have begun drafting detailed plans to overhaul the country's digital asset regulatory framework by the end of the year, The Herald Business reported exclusively. The core of the initiative is deregulation aimed at revitalizing the market, which includes ending the current "one-exchange, one-bank" practice and permitting the issuance of digital asset derivatives. South Korea's Fair Trade Commission and Financial Services Commission are reportedly in discussions to ease major digital asset regulations. A government official stated that relevant ministries are continuously discussing the scope and timing of the deregulation. The official added that the government is expediting the process, dividing tasks into short- and long-term goals, with an aim to make an announcement within the year.