Financial Services Commission chairman Kim Byoung-hwan said Friday that the financial regulator will promptly prepare for the second phase of the legislative proposal for the Virtual Asset Act, which includes regulations on business entry, operational guidelines, and virtual asset distribution disclosure.

Kim made the remarks during a meeting between the ruling People Power Party(PPP) and the government at the National Assembly.

Kim said that with the current U.S. administration, global changes in virtual asset systems are expected to progress more quickly, and vowed to accelerate the pace of virtual asset policy.

The FSC chairman also pledged to actively work towards ensuring that the bill related to cryptocurrency securities issuance, submitted to the National Assembly, is discussed promptly.

He also called on market participants, including virtual asset businesses, to strengthen their internal controls, anti-money laundering systems, and investor protection measures.