Financial Supervisory Service's Internal Crackdown on Cryptocurrency Investments: "Please Exercise Special Caution"
Notice of Precautions for Virtual Asset Transactions in the Name of the Inspection Office
Internal Code of Conduct Established Due to Lack of Virtual Investment Reporting Standards
[Asia Economy Reporter Han Jinju] The Financial Supervisory Service (FSS) has launched an internal crackdown on cryptocurrency investments.
On the 22nd, the FSS sent a notice titled "Precautions Regarding Virtual Asset Transactions" to all employees under the name of the Inspection Office, urging them to "exercise special caution in virtual asset transactions."
Financial authorities and employees of financial companies are required to regularly report transaction details to their companies when investing in stocks under the Capital Markets Act. However, virtual asset investments are not subject to separate legal regulations.
Instead, the FSS has established an internal code of conduct. According to the FSS employee code of conduct, employees are prohibited from using non-public information related to virtual assets obtained during their duties to engage in transactions or investments related to virtual assets.
Providing virtual asset-related information to others or assisting in property transactions or investments is also prohibited. Departments handling virtual asset policies, laws, or investigations and inspections related to virtual assets are included among those performing relevant duties.
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The FSS emphasized, "Even employees not currently performing their duties should exercise special caution when trading virtual assets, as such transactions may violate the Foreign Exchange Transactions Act, the Act on Reporting and Using Specified Financial Transaction Information (Special Act on Virtual Assets), and other related laws."
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