The Financial Services Commission of South Korea plans to establish a new Virtual Assets Bureau

ChainCatcher news, according to Newsway, the South Korean Financial Services Commission plans to launch a virtual asset bureau (tentative name) in August. Currently, the Financial Commission is in the final discussions with the Ministry of the Interior and Safety regarding the establishment of the new virtual asset bureau. If government approval is obtained, relevant departments will be established through procedures such as the promulgation of a modification bill for the job system, and subsequent personnel arrangements will be completed.

The Financial Commission is currently promoting a plan to establish the virtual asset bureau based on the framework of the Virtual Asset Inspection Division under the Financial Intelligence Unit (FIU).

It is reported that the Virtual Asset Inspection Division is a temporary institution established according to the revised Specific Financial Information Act (Special Financial Transactions Act) in 2021, and its operational period (until September 2023) is also approaching. (Source link)