South Korea Establishes Virtual Asset Regulatory and Investigation Bureaus

According to Foresight News, South Korea's Financial Supervisory Service (FSS) has announced the establishment of the Virtual Asset Regulatory Bureau and the Virtual Asset Investigation Bureau to regulate virtual assets and establish market order before the implementation of the Virtual Asset User Protection Act in July next year. The Virtual Asset Regulatory Bureau is responsible for supervising virtual asset operators, market monitoring, and system improvement. In addition, it plans to establish a regulatory system for virtual assets to stabilize the market. The Virtual Asset Investigation Bureau is a department focused on combating market-disrupting behavior through unfair trading investigations. The key is to prevent unfair trading from disrupting market order and causing harm to users. The director of the Virtual Asset Regulatory Bureau will be Lee Hyun-deok, the current director of the Second Financial Investment Supervisory Bureau. Furthermore, Moon Jung-ho, the current director of the First Accounting Supervision Bureau, will serve as the director of the Virtual Asset Investigation Bureau.