New supervisory units within the Financial Supervisory Service (FSS) are being formed in accordance with the requirements of the new law on the protection of users of virtual assets, which will come into force in July 2024.
The Surveillance Bureau will monitor the operational activities of crypto asset business operators, as well as conduct regular audits of market participants for compliance with regulatory requirements. In turn, the Investigation Bureau will prevent system failures in the South Korean crypto market and investigate cases of fraud using virtual assets.
Earlier, FSS reported that the agency’s expert team had begun developing new rules for supervision and regulation of the crypto market. New standards have been proposed for the procedures for listing cryptocurrencies on trading platforms, internal control, issuance and distribution of virtual assets.
Source: Bits
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