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According to Edaily, Kim Sung jin, the head of the Virtual Assets Department at the Financial Commission of South Korea, stated that the government is advancing the second phase of legislation for the Basic Law on Digital Assets and has committed to completing it within the year. If legislation is implemented, the 9-year ban on financial companies holding equity in cryptocurrency enterprises is expected to be lifted this year, and financial institutions such as banks and securities firms will be able to participate in virtual asset investments. The Financial Commission of Korea is also studying the introduction of institutional brokers and over-the-counter trading intermediaries for the virtual asset market, and simplifying the entry requirements for financial institutions into the virtual asset industry based on EU practices.
