- Sep 20, 2021
The topmost financial regulator in South Korea, the Financial Services Commission (FSC), is establishing a special department to oversee all transactions that have anything to do with cryptocurrency.
South Korea intensifying efforts to regulate Crypto industry
South Korea’s Financial Services Commission (FSC), the top financial regulator in the country, has announced within the week that an organizational change that will help to improve transparency in virtual asset transactions, has been established. In the announcement, it is seen that both the FSC and the Ministry of the Interior and Safety have issued an advance notice of the organizational change at the Korea Financial Intelligence Unit (KOFIU) which will be adding a specific division and personnel saddled with the task of overseeing all virtual asset transactions within the country.
This proposal is definitely in line with the revised Act on Reporting and Using Specified Financial Transaction Information that was put into effect in March this year. The new department is directly aimed at improving transparency in virtual asset transactions.
Also noteworthy according to the FSC is that the legislative change is expected to be finalized and become fully effective by September. The FSC also further explained the addition of working-level personnel. It claimed the idea is to help improve the capacity of the KOFIU, in carrying out inspection and analysis with regard to virtual asset transactions.