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Korean Government Creates Dedicated Division to Oversee Crypto Transactions

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.