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South Korea has outlined the core structure of its proposed Digital Asset Framework Act, a second-phase legislative initiative intended to bring digital assets fully into the country’s regulatory system. The draft bill would replace the term “virtual assets” with “digital…
South Korea has taken a significant step toward strengthening the security of digital asset infrastructure by introducing the country’s first comprehensive security framework for financial digital wallet services. The framework was announced by the Financial Security Institute (FSI) amid growing…
A U.S. federal court has sentenced Do Kwon, co-founder of Terraform Labs, to 15 years in prison for his role in the collapse of the Terra–Luna cryptocurrency ecosystem, one of the largest crypto failures in history. On December 11, the…
South Korea’s largest virtual asset exchange, Upbit, is facing criticism for its Upbit delayed hack disclosure, which amounted to a delay of 7 hours and 51 minutes and raised concerns about the adequacy of its response. This response has been…
The National Assembly’s recent approval of amendments to the Act on Electronic Registration of Stocks, Bonds, etc. and the Financial Investment Services and Capital Markets Act (FSCMA) marks Korea’s first comprehensive regulatory framework for security tokens. The reforms establish clear…
South Korea’s largest cryptocurrency exchange, Upbit, has once again suffered a major security breach—this time involving approximately KRW 44.5 billion in assets transferred from its hot wallet to unauthorized addresses. The incident has intensified concerns about Upbit internal control weakness,…
South Korea’s Financial Services Commission (FSC) has rejected the Bank of Korea’s proposal to obtain emergency intervention authority over KRW-denominated stablecoins, creating a major split in Korea’s stablecoin regulation as the government moves toward Phase 2 of its Digital Asset…
South Korea’s fast-growing KRW stablecoin ecosystem is now confronting a critical legal and security challenge: the absence of a comprehensive regulatory framework governing issuance, burning, reserve management, and operational oversight. As stablecoin trading on Korean exchanges reaches record-high volumes, experts…
South Korea’s Financial Services Commission (FSC) is accelerating legislation for KRW-based stablecoins, signaling a potential shift from a bank-only issuance model to a more inclusive framework allowing qualified non-bank entities, including fintech and big tech firms, to issue stablecoins. FSC…
South Korea is rapidly advancing toward establishing a legal framework for stablecoins, positioning them as a key component of the “Phase 2” Digital Asset Law. The central debate now centers on who will control stablecoin issuance and operation. Traditional financial…