Financial Supervisory Service Launches Dedicated Department for the 'Virtual Asset Act'

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The Financial Supervisory Service (FSS) announced on the 11th that it has launched the Virtual Asset Supervision Bureau and the Virtual Asset Investigation Bureau ahead of the implementation of the "Virtual Asset User Protection Act" scheduled for July.

The Virtual Asset Supervision Bureau and the Virtual Asset Investigation Bureau will operate with a total of 33 members across 6 teams. This includes 8 information technology (IT) experts, 7 lawyers, and 8 accountants.

The dedicated virtual asset departments plan to establish internal control standards and operational systems for virtual asset service providers before the law takes effect. They will build infrastructure for investigating unfair trading practices and establish cooperative systems with related agencies such as investigative authorities.

They will also enhance market transparency and soundness. A virtual asset supervision monitoring system will be established, and efforts will be made to strengthen disclosure of business operator information. Priority inspections will be conducted on major operators, and active cooperation with the Financial Services Commission, investigative authorities, and others will be pursued for matters requiring criminal penalties.

The FSS is also paying attention to the increased price volatility across virtual assets following the U.S. Securities and Exchange Commission (SEC)'s approval on the 10th (local time) of a Bitcoin spot exchange-traded product (ETP).

The FSS stated, "As the need to protect users of high-risk products such as virtual assets is increasing, we plan to respond actively through the launch of this dedicated department."

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