One Month Before the Virtual Asset Act... FSC and Industry Hold First Joint Workshop

On the 11th, Compliance Officers and Others Gathered at the Yeouido Headquarters

The financial supervisory authorities held their first workshop with the virtual asset industry about a month before the enforcement of the Act on the Protection of Virtual Asset Users (Virtual Asset Act) on the 19th of next month.

On the 11th at 2 p.m., the Financial Supervisory Service (FSS) announced that it held an internal control workshop at its Yeouido headquarters for compliance officers of virtual asset service providers.

This workshop was organized to promote the smooth enforcement of the Virtual Asset Act and the establishment of a user protection system. Approximately 80 people attended the event, including compliance officers and internal control personnel from 28 service providers, as well as representatives from the Digital Asset Exchange Association (DAXA).

The FSS explained the major deficiencies and recommendations found during on-site consultations from February to April, as well as plans to establish market and service provider monitoring systems.

The industry shared best practices in preparing for key internal controls and regulatory compliance, such as virtual asset custody, building abnormal transaction monitoring systems, and establishing internal control standards. The standard internal control criteria prepared by DAXA were also presented.

Kim Byung-chil, Deputy Governor of the FSS, said in his opening remarks, "With the enforcement of the Virtual Asset Act, a regulatory system for establishing market order and protecting users will be fully operational. The financial authorities will communicate with the industry to support service providers' preparation for regulatory compliance before enforcement, and after enforcement, will build market trust through thorough investigations and inspections."

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