South Korean lawmaker Kim Hyun-jung has proposed an amendment to the Virtual Asset User Protection Act to increase transparency and accountability in the country's virtual asset market. The amendment aims to improve communication between virtual asset service providers (VASPs) and the Financial Services Commission (FSC). If passed, VASPs will be required to immediately report any incidents that could disrupt their services and update their websites to keep users informed. The proposed amendments are under review with the Ministry of Economy and Finance and may take effect in 2025. The Ministry is also considering adding new definitions for virtual assets and their merchants due to a rise in suspicious transactions. South Korea is also moving towards regulatory changes that may allow companies to own virtual assets, with major banks entering the virtual asset custody market.



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