'Monitoring Unfair Virtual Asset Trading'... Financial Services Commission Launches Virtual Asset Team with 8 Members

Formalization of Financial Innovation Planning Team to Digital Finance Policy Officer
Reinforcement of 3 Dedicated Personnel for Capital Market Investigation
Recruitment of Digital Forensics Specialists

On July 19, the Financial Services Commission will launch a dedicated virtual asset team in line with the enforcement of the Virtual Asset User Protection Act. The Financial Innovation Planning Group, which had been a temporary organization for six years, will be formalized as the 'Digital Finance Policy Officer,' and a Virtual Asset Division will be newly established under it. Additionally, three dedicated personnel for capital market investigations will be added.

The Financial Services Commission announced on the 18th that the organizational amendment containing these details has passed the Cabinet meeting. It is scheduled to be promulgated on the 25th of this month.

First, the Financial Innovation Group will be regularized as the 'Digital Finance Policy Officer.' The existing 12 members will be converted to regular staff, and one Grade 5 public official will be added.

Under the Digital Finance Policy Officer, a 'Virtual Asset Division' will be newly established with an increase of eight personnel. It will consist of one Grade 4, four Grade 5, two Grade 6, and one Grade 7 officials. The FSC explained, "We will actively carry out necessary management and supervision tasks to establish order in the virtual asset market and protect users," adding, "Along with related agencies, we will investigate unfair virtual asset transactions such as price manipulation, insider trading, and fraudulent transactions, as well as carry out sanction tasks including imposing fines and criminal prosecution."

Also, the Financial Intelligence Unit (FIU) System Operation Planning Officer and Virtual Asset Inspection Division, which were temporarily established in September 2021, will have their expiration extended until the end of 2025. This is to continue the FIU’s responsibilities related to anti-money laundering obligations for virtual asset service providers. Considering that the renewal cycle (three years) for registered virtual asset service providers since the system’s establishment is approaching, the extension is deemed inevitable.

Meanwhile, three personnel will be added to investigate unfair capital market transactions. Among them, one will be hired on a fixed-term basis as a dedicated digital forensic expert.

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