South Korea's ＂Digital Assets Framework Law＂ will be introduced as soon as October, and will severely punish illegal encrypted transactions before the legislation is completed

The Korean Financial Services Commission (FSC) and the Financial Supervisory Authority passed business reports at the plenary meeting of the National Assembly's Political Affairs Committee on the morning of the 28th, respectively reporting on the plans for "establishing a legal system for virtual assets" and "future preparations for the financial industry and financial innovation support". The plan includes the introduction of the Digital Assets Framework Act, which aims to prevent the recurrence of the Luna-Terra incident and protect investors, as soon as October. Before the legislation is completed, the country's government has decided to strictly manage virtual asset risks, including severely punishing money laundering and illegal transactions using virtual currencies. In addition, the FSC said it would revise the country's virtual asset system based on discussions on the legalization of virtual assets in the United States, and decided that by classifying virtual assets into securities and non-securities and applying different regulations, the FSC would also work with international regulators and Overseas regulators have established a close cooperation system.