FSS to Accept Reports on Unfair Trading of Virtual Assets

The Financial Supervisory Service (FSS) has reorganized its related reporting center ahead of the implementation of the Virtual Asset User Protection Act scheduled for July.

On the 29th, the FSS announced that it will revamp the Virtual Asset-Linked Investment Fraud Reporting Center into the "Virtual Asset Unfair Trading and Investment Fraud Reporting Center" starting from the 30th, and will accept reports not only on investment fraud but also on unfair trading.

The FSS has been operating the Virtual Asset-Linked Investment Fraud Reporting Center since June last year. By the end of last year, a total of 1,504 reports had been received, and materials related to cases with specific suspicions were provided to investigative authorities.

The FSS plans to operate the revamped reporting center as an integrated window for reporting unfair trading and various types of illegal activities related to virtual assets.

The FSS explained, "Ahead of the enforcement of the Virtual Asset User Protection Act, it is necessary to actively respond to unfair trading activities such as insider trading, market manipulation, and fraudulent transactions."

By analyzing the reports received, the FSS will promptly provide information to investigative authorities on cases with specific and serious allegations. After the law takes effect, the financial authorities will directly consider whether to investigate serious unfair trading cases. Reports related to unfair trading will be accumulated in a database and managed to be used as investigation leads after the enforcement of the Virtual Asset User Protection Act.

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