The Financial Commission of South Korea plans to promote independent regulation of digital asset custody, referencing the EU's optimized access mechanism

The Financial Services Commission (FSC) of South Korea will submit the second phase legislation of the Digital Asset Basic Law, which plans to include digital asset custody in independent business regulation and provide access mechanisms for traditional financial institutions to apply for virtual asset service provider (VASP) licenses, following the EU model. The Financial Supervisory Commission of Korea (FSC) takes a cautious attitude towards forcing exchanges to divest their custody business and tends to prevent conflicts of interest through improved behavior regulation.