South Korea Takes Another Step Toward Crypto Reform Amid Talk of Regulatory Shake-up

Key Points

1. South Korea’s government is fast-tracking pro-business crypto reforms, with a five-year plan that includes building a digital asset ecosystem and developing the domestic crypto market.

2. The dissolution of the Financial Services Commission (FSC), a key campaign pledge of President Lee, was not included in the five-year plan, leaving its future uncertain.

3. The FSC, which regulates crypto exchanges, has shown support for reform, with its supervisory duties potentially transferring to another financial body.

4. Crypto reforms are a key focus for both the government and the National Assembly this year, with expectations of gaining momentum in the coming weeks.

5. Political leaders are concerned about South Korea falling behind in crypto adoption, citing delayed reforms and a lack of legislation as barriers.