South Korea FSS Upgrades Anti-Fraud System, Crypto Assets Included in Voice Phishing Compensation Coverage

TechFlow News, August 11, according to Cryptopolitan, South Korea's Financial Supervisory Service (FSS) has launched a three-month fraud refund system reconstruction project with a budget of approximately 119 million Korean won. This upgrade aims to align with the "Telecommunications Fraud Damage Compensation Act" revised on March 31 this year—the bill will officially take effect on October 1, formally incorporating virtual assets into the scope of "damaged property" and "refundable property."

The new system will support calculating compensation amounts based on token type and quantity, and use the Korean won value at the time the funds were frozen as the reference benchmark, while also possessing the ability to disentangle fraudulent funds mixed across multiple accounts. Major exchanges such as Upbit, Bithumb, Coinone, Korbit, and GOPAX will be required to undertake anti-fraud and victim relief obligations equivalent to those of banks at that time, including verifying transaction purposes, monitoring suspicious funds, and freezing suspected accounts.