South Korean Authorities Rule Out Immediate Relaxation of Virtual Asset Regulations

CoinFeed, June 22 – According to Edaily, South Korea's top financial and foreign exchange regulatory authorities have stated their opposition to immediately relaxing virtual asset regulations. This stance was in response to a review by the Ministry of SMEs and Startups on the rationalization of current rules. On June 22, the Financial Services Commission, the Ministry of Economy and Finance, and the Bank of Korea concluded after an internal review that it would be difficult to proceed with the deregulation measures requested by the industry. The regulatory bodies pointed out that the policy tone has not yet shifted toward deregulation, and many of the proposed changes cannot be implemented without amending existing laws. The review stemmed from a meeting held by the Ministry of SMEs and Startups with industry representatives on June 8. An official from the Financial Services Commission stated that the agency is currently listening to industry opinions on specific detailed rules, rather than planning to relax regulations, adding that nothing has been decided yet.