Korean Financial Regulator Sets Up Division to Oversee Crypto Transactions

Financial Services Commission (FSC) of South Korea, the country’s top financial regulator, is setting up a dedicated division to oversee cryptocurrency transactions.

South Korea’s Financial Services Commission (FSC) announced on Thursday an organizational change “to help improve transparency in virtual asset transactions.” The announcement read:

“The FSC and the Ministry of the Interior and Safety issued an advance notice of organizational change at the Korea Financial Intelligence Unit (KOFIU) which will add a specific division and personnel tasked to oversee virtual asset transactions.

The proposal “is intended to improve transparency in virtual asset transactions as the revised Act on Reporting and Using Specified Financial Transaction Information went into effect in March this year.”

FSC further noted:

“The legislative change is expected to be finalized and become effective in September.

The addition of working level personnel will strengthen the KOFIU’s capacity for inspection and analysis with regard to virtual asset transactions.”