South Korea will consider implementing a market discipline system for ICOs and distribution in July next year

Kim So-young, Vice Chairman of the Financial Services Commission (FSC) of South Korea, stated at the "Future of Digital Currency and CBDC Promotion Strategy" international conference on Thursday that they will consider implementing market discipline for initial coin offerings (ICOs) and distribution. The Act on the Protection of Virtual Assets, which clarifies the obligations of virtual asset operators and prohibits unfair trading practices at a level similar to that of the capital market, is scheduled to be implemented from July next year. The National Assembly is discussing the system of applying existing capital market regulations to token securities. The regulatory framework has already been established, and they will further examine the issuance and circulation of virtual assets, as well as the business activities and market regulation of virtual asset operators. In addition, a separate regulatory system will be established for stablecoins to supplement the reliability and stability of the digital asset market, which may threaten existing monetary sovereignty and financial markets.