South Korea plans to introduce a new cryptocurrency bill in the second half of 2025

According to TheBlock, the Financial Services Commission (FSC) of South Korea has begun discussions on establishing a second phase cryptocurrency regulatory framework, planning to draft related legislation in the second half of this year.

In the meeting, FSC Vice Chairman Kim So-young stated that major global economies are accelerating the establishment of cryptocurrency regulations to strengthen investor protection and eliminate regulatory uncertainty. The new regulatory framework will adopt a comprehensive systematic approach covering service providers, cryptocurrency users and markets. Topics discussed at the meeting include increasing transparency for new coin listings on exchanges, requiring cryptocurrency entities to carry out information disclosure requirements similar to traditional financial companies, as well as reserve asset management and user redemption rights for stablecoin issuers among other regulatory matters.

It is worth noting that South Korea's first cryptocurrency regulatory framework came into effect last July which requires service providers to store at least 80% of user's cryptocurrency deposits in cold wallets separate from their own funds.