South Korea is advancing a bill to establish a dedicated virtual asset watchdog by 2025, aiming to enhance market oversight and user protection. The National Assembly's National Policy Committee began reviewing an amendment to the Act on the Protection of Virtual Asset Users on March 31, 2025. This initiative seeks to create a new surveillance body composed of virtual asset service providers, reflecting South Korea's commitment to balancing innovation with consumer safety. The proposed watchdog is expected to improve real-time market surveillance, standardize reporting requirements, and centralize enforcement. This move aligns with global regulatory trends, incorporating industry expertise into the oversight framework. The bill is currently under committee review and could reach the full National Assembly for a vote by late Q2 2025, with implementation potentially extending into 2026.