South Korea’s top financial regulator, the Financial Services
Commission (FSC), is establishing a dedicated division to oversee
cryptocurrency transactions.
South Korea Increasing Efforts to Regulate Crypto Industry
South Korea’s Financial Services Commission (FSC), the country’s top
financial regulator, announced Thursday an organizational change “to
help improve transparency in virtual asset transactions.” The
announcement states:
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.
This 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,”
the notice adds.
Noting that “The legislative change is expected to be finalized and become effective in September,” the FSC further wrote:
The addition of working level personnel will strengthen
the KOFIU’s capacity for inspection and analysis with regard to virtual
asset transactions.
source link : https://news.bitcoin.com/korean-government-dedicated-division-oversee-crypto-transactions/
