According to Forkast, Kim Joo-hyun, chairman of South Korea’s Financial Services Commission (FSC), said at the National Assembly meeting that a working team composed of private sector experts and relevant sector ministries will “speed up the review process for the virtual asset bill” and that the upcoming encryption legislation will Adopt a "balanced" approach to the development of blockchain technology to achieve investor protection and market stability, while conducting international exchanges and matching global regulatory consistency. Foresight News previously reported that Kim Joo-hyun said at the Korea Blockchain Week on August 8 that "the Financial Analysis Institute (FIU) of the Korean Financial Services Commission will strengthen the inspection and supervision of virtual asset (cryptocurrency) operators."