FSS Responds to Increased Volatility... Urges Strengthening of Internal Controls in Virtual Asset Industry

The Second Workshop of the Year Held This Year

Financial Supervisory Service building in Yeouido, Seoul. Photo by Younghan Heo younghan@

The Financial Supervisory Service (FSS) announced that it held the 'Virtual Asset Service Providers Compliance Officers Workshop' on the afternoon of the 5th at its headquarters in Yeouido, Seoul, together with the National Police Agency and the virtual asset industry.

This workshop was the second of the year and the first since the enforcement of the 'Virtual Asset User Protection Act (Virtual Asset Act)' in July.

About 60 people attended the workshop, including compliance officers and internal control officers from 18 companies that wished to participate, representatives from the Digital Asset Exchange Association (DAXA), and officials from the National Police Agency.

The FSS urged the industry to enhance not only legal compliance but also autonomous regulatory compliance capabilities to protect virtual asset users. It also called for strengthening internal controls in response to the rapid expansion of market volatility. Regarding the abnormal transaction monitoring system, the FSS conveyed precautions for service providers when extracting abnormal transactions and actually preparing psychological result reports. It also requested that users be thoroughly informed about 'precautions when trading overheated items' to prevent user damage.

The police urged the industry to actively cooperate with investigative agencies to prevent additional damage in the event of hacking incidents at virtual asset exchanges.

The FSS stated, "We plan to continue communication and cooperation with the industry by regularly holding workshops to strengthen internal controls," adding, "We intend to support the thorough implementation of the Virtual Asset Act and the solidification of internal controls to enhance user protection and boost market trust."

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