Vice Chairman Kim Soyoung of the Financial Services Commission presided over the second meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on January 15. At the meeting, the committee kicked off discussions on key regulatory issues and legislative areas for seeking a second phase enactment of legislation on virtual assets and reviewed global trends and major issues surrounding stablecoins. In his opening remarks, Vice Chairman Kim spoke about the importance of maintaining regulatory consistency with global standards as major economies around the world are speeding up the process of establishing regulations on virtual assets. In this regard, Vice Chairman Kim said that this advisory committee will begin to have discussions on establishing a comprehensive regulatory and legislative framework addressing issues encompassing all stakeholders including virtual asset service providers and related businesses, users, and the market. The FSC expects to have a more detailed legislative bill on virtual assets in the second half of this year after having a series of taskforce and subcommittee meetings with related authorities.