Government Delays Response to Cryptocurrency... TF Team to Fully Launch

Participation of MoEF, FSC, and MSIT
From Managing and Supervising Illegal Activities to Promoting System Improvements

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The government will actively respond to illegal activities through a task force (TF) composed of related ministries concerning virtual assets, and will begin discussions and coordination on key issues.

On the afternoon of the 28th, the government held a vice-ministerial meeting of related ministries at the Government Seoul Office, chaired by Koo Yoon-cheol, Minister for Government Policy Coordination, and announced the "Virtual Asset Transaction Management Plan," stating this intention.

The Ministry for Government Policy Coordination will first strengthen the management system by adding the National Tax Service and the Korea Customs Service to the virtual asset-related ministries TF to comprehensively respond to illegal activities, with relevant ministries handling their respective areas. In particular, the National Tax Service is preparing to implement a virtual asset taxation system and will promote forced collection of virtual assets from high-value tax delinquents. The Korea Customs Service will crack down on violations of the Foreign Exchange Transactions Act, such as foreign exchange brokerage using virtual assets.

The Financial Services Commission will lead the management, supervision, and institutional improvements of virtual asset service providers to enhance transaction transparency, while the Ministry of Science and ICT will take charge of blockchain technology development and industry promotion. In this process, the Financial Services Commission will seek to reinforce related organizations and personnel.

The Ministry of Economy and Finance will be responsible for operating the support team, virtual asset taxation, and checking for violations of the Foreign Exchange Transactions Act. The prosecution and police will crack down on crimes such as fraud using virtual assets, and the Fair Trade Commission plans to conduct ex officio investigations into unfair terms and conditions of virtual asset service providers.

Under the TF, a support team composed of the Ministry of Economy and Finance, Financial Services Commission, Ministry of Science and ICT, and Ministry for Government Policy Coordination will be formed and operated. The head of the support team is Lee Eok-won, 1st Vice Minister of the Ministry of Economy and Finance. When issues arise between ministries, they will be discussed and coordinated within this support team.

This content was produced with the assistance of AI translation services.