US CLARITY, UK FCA — September to Be a Global Regulatory Watershed

The upcoming month of September 2026 is shaping up to be a critical watershed moment for the integration of the global virtual asset market into the institutional mainstream. Significant policy schedules are lined up to rewrite market rules not just in the US, UK, and the EU, but also in Korea. Here is a simple breakdown of the key global regulatory changes expected this month and what they mean for us.

US CLARITY Act Vote and New SEC Proposals

The primary focus is, as always, the US. A cloture vote is scheduled for September 15, 2026, the day the US Senate returns from recess, for the Financial Innovation and Technology for the 21st Century Act, widely known as the 'CLARITY Act.' While industry analysts estimate a low probability of passage—around 10%—given the current vote tally, the fact that legislation is moving through the formal process to establish legal clarity in the heart of the institutional system is significant in its own right.

Adding to this is a new proposal recently introduced by the US Securities and Exchange Commission (SEC). The 'Regulation Crypto-Asset' proposal offers exemptions for token fundraising up to a maximum of $75 million annually. The 60-day public comment period is currently proceeding smoothly. With congressional voting on major bills and the synchronization of detailed regulations by financial authorities, the move to clear institutional uncertainty in the US market is becoming increasingly distinct.

UK FCA Gateway Opens and the Final Pieces of EU MiCA

Across the pond in the UK and Europe, a major regulatory framework begins to take shape starting September 30. First, the UK's Financial Conduct Authority (FCA) will officially open the gateway through which virtual asset and stablecoin firms can apply for formal operational authorization. Firms intending to issue stablecoins in the UK must now thoroughly prove that they hold sufficient liquid assets to back their value and demonstrate their ability to redeem funds for users within one day upon request.

On that same day, September 30, the public comment period for supplementing the detailed rules of the European Union’s Markets in Crypto-Assets (MiCA) regulation will also close. This consultation process addresses key issues that will become new market standards, including soundness criteria for global dollar-pegged stablecoins, staking rules, and the regulatory scope of decentralized finance (DeFi).

In effect, clear rules are being filled in for a market that has operated with some ambiguity until now. While stricter regulatory standards may present an immediate burden for firms, in the long term, this can be viewed as the process of laying a solid foundation that allows large institutions to enter with confidence.

Shifts in Korea: Corporate Account Permissions and Phase 2 Legislation

Korea is also moving quickly to keep pace with global regulatory trends. The Financial Services Commission is pushing for a plan to allow corporate virtual asset account openings for approximately 3,500 listed companies and registered professional investors. This establishes the groundwork for corporations and large institutions to enter the domestic market, which has previously been driven primarily by retail investors.

Concrete legislation to further solidify the institutional framework is also on the table. The upcoming regular session of the National Assembly this September is expected to address the 'Phase 2 Virtual Asset Basic Act,' which proposes granting licenses by categorizing virtual asset businesses into areas such as custody, brokerage, and stablecoins. The industry is watching closely to see if this will bring the virtual asset industry, which has existed in a gray zone, into a clear regulatory perimeter.

With a heated debate between political parties over the postponement of virtual asset taxation also expected, this September is shaping up to be a critical period that will determine the future of the crypto landscape in Korea. It is better to view these developments with a long-term perspective on how the regulatory environment is systematically changing rather than expecting immediate major volatility.

Time to Focus on Long-Term Institutional Integration Over Short-Term Volatility

The various regulatory movements planned for this September are not simply mechanisms to suppress the market. Instead, they are closer to a process of establishing transparent criteria so that large institutions and corporations can enter with peace of mind. While the market may fluctuate in the short term depending on the results of legislative procedures or the introduction of new rules, as this is a vital turning point for virtual assets to become established as trusted institutional assets in the long term, I hope we can watch this flow calmly rather than being swayed by immediate volatility.