ChainCatcher report: Today, the Financial Services Commission (FSC) of South Korea held its first meeting of the 2026 Virtual Asset Committee. At the meeting, representatives from relevant ministries, agencies, and the private sector discussed the mid-term review and institutional improvement directions regarding the virtual asset overpayment incident (February 6), as well as the key elements of the government’s review plan for the provisional Digital Assets Basic Act (Phase Two of the Virtual Asset Act). Based on today’s discussions, the Financial Services Commission plans to continue advancing improvements to DAXA’s internal control standards and self-regulation, and to consult with both the ruling and opposition parties on legislative matters.
South Korea's FSC Holds Its First 2026 Virtual Asset Committee Meeting to Advance Legislative Review
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Summary
On March 4, 2026, South Korea’s Financial Services Commission (FSC) held its first 2026 Virtual Asset Committee meeting to discuss digital asset regulation and legislative updates. Attendees addressed the February 6 virtual asset overpayment incident and outlined plans for the second phase of the Virtual Asset Act, including the Digital Asset Basic Act. The FSC also stressed the importance of aligning regulatory measures with CFT requirements, with discussions focusing on refining internal control standards and engaging political parties on key reforms.
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