South Korea's Financial Regulator Seeks to Establish Virtual Asset Oversight Organization

According to Foresight News, South Korea's Financial Supervisory Service (FSS) is reportedly seeking to establish a new organization dedicated to the supervision, inspection, and investigation of virtual assets. The newly formed investigative group will have the authority to probe market manipulation in the virtual asset space. In addition to inspecting virtual asset operators, the organization will also focus on investigating unfair trading practices, such as market price manipulation and the use of undisclosed information, starting from July next year. The scale of the new department is expected to be determined next month after the government sets budget management guidelines for public enterprises and quasi-government organizations.