On Oct. 13, South Korean officials reportedly revealed plans to launch a public-private committee on virtual assets later this month. The 15-member committee will address structural problems in the virtual asset market and explore cryptocurrency legislation.

Led by the Financial Services Commission (FSC) vice chairman, the committee will serve as a policy and institutional advisory body. It will include six members from government agencies, including the ministries of finance, justice, and information and communication technology.

The remaining nine committee members will come from the legal profession, virtual asset academics, and virtual asset-related organizations. Individuals with expertise in consumer protection and information security will also be included.

While no launch date has been announced, reports suggest that the selection of private-sector members of the committee is nearing completion.

According to another report, one of the committee’s specific roles will be to evaluate South Korea’s plans to approve spot cryptocurrency exchange-traded funds (ETFs) and allow companies to open corporate virtual asset accounts.

Meanwhile, News1 reported that the Financial Services Commission (FSC) is reviewing virtual asset business operator renewal applications and working to revise the Specific Financial Information Act to strengthen its reporting system.

“We will review regulations on business operations and entry, and regulations on issuance, disclosure, and listing through the establishment of a statutory association,” the FSC said.

The regulator added that it plans to gradually introduce regulations for virtual asset business operations, starting with the Virtual Asset User Protection Act. The goal is to establish a robust regulatory framework for the virtual asset industry in South Korea.

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