South Korea Reviews Virtual Asset Exchange Reforms

South Korean financial authorities have informed the National Assembly about their ongoing review of reforms concerning virtual asset exchanges. According to NS3.AI, these exchanges currently integrate brokerage, custody, and settlement functions. The authorities are contemplating the introduction of a specialized custody business model as part of the second phase of virtual asset legislation. This review takes into account existing custody-focused Virtual Asset Service Providers and the European Union's MiCA framework as reference points.