The Korea Financial Services Commission’s Capital Market Research Institute has written a report titled “Comparative Analysis of the Virtual Asset Industry Bill Proposed by Congress and Mining and Review of Related Issues,” which was recently submitted to the National Assembly Political Affairs Committee.
The report lays out plans for a public exchange to conduct new listing scrutiny and market monitoring of cryptocurrencies and access virtual assets under the current capital market legal system. The report requires centralized management of virtual assets-related information of public institutions, mandatory disclosure including the issuer of virtual assets, major players, plans for the use of raised funds, future value, and management review, and for Korean virtual assets, a Korean white paper must also be provided.
The report proposes to establish a digital asset management agency as the operating entity of the virtual asset disclosure system. If the plan is realized, all exchanges, securities companies, virtual asset exchanges for depository settlement and custody transfer are expected to undergo major dismantling and reorganization at the level.