TechFlow news: The Korea Financial Services Commission has established a new agency dedicated to regulating virtual assets to promote market order. This move aims to prepare for the upcoming implementation of the "Virtual Asset User Protection Act" in July next year.
On the 29th, the Korea Financial Supervisory Service announced the establishment of the "Virtual Asset Supervision Bureau" and the "Virtual Asset Investigation Bureau" to actively respond to the growing virtual asset market. The main objective is to strengthen market oversight before the new law takes effect and ensure user protection.
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The Virtual Asset Supervision Bureau will be responsible for supervising and inspecting virtual asset operators, monitoring markets, and improving regulatory frameworks. Additionally, plans are underway to establish a comprehensive regulatory system to maintain market stability.
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The Virtual Asset Investigation Bureau will focus on combating market disruptions, particularly unfair trading practices. Its key mission is to prevent damages caused by improper transactions to market order and users.
Currently, the Financial Intelligence Unit under the Financial Services Commission primarily oversees the virtual asset market, while the central bank's digital asset research team mainly supports virtual asset legislation, market research, and monitoring.
