South Korea's National Assembly has passed the first phase of a bill that outlines regulations for digital assets, with an emphasis on consumer protection and exclusion of central bank digital currencies. The bill requires crypto service providers to keep user assets and deposits separate, have insurance, hold reserves, and maintain transaction records. It also criminalizes price manipulation, false promotion of crypto assets, and other illegal activities. The Financial Services Commission will have the authority to examine and supervise digital asset businesses, and service providers must report any irregular activities. The bill will undergo further review and must pass the Legislation and Judiciary Committee before becoming law.

(By DANNY PARK)