2024.06.07
FSC Extends Virtual Asset Oversight and Establishes Permanent Digital Financial Policy Office
Starting in July, the Act on the Protection of Users of Virtual Assets will take effect. The Financial Services Commission's new Virtual Asset Division, with eight members, will operate until the end of next year. The Financial Intelligence Unit's (FIU) Virtual Asset Inspection Division will also extend its term until the end of next year.
The Ministry of the Interior and Safety has amended titles within the FIU. The new Virtual Asset Division will be part of the Financial Industry Bureau temporarily. The Financial Innovation Planning Group will become a permanent department called the Digital Financial Policy Office.
The FIU's Virtual Asset Inspection and System Operation Planning Divisions' terms have been extended until the end of next year, adding a position for virtual asset transaction analysis. The Financial Services Commission will also increase staff for AI in finance and combating unfair capital market transactions.
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