The Korea Deposit Insurance Corporation establishes a new team for cryptocurrency-related reviews

ChainCatcher news reports that the Korea Deposit Insurance Corporation (KDIC) has established a new team aimed at reviewing wealth related to cryptocurrencies. This initiative follows the amendment of the Depositors Protection Act in October, which aims to transform the agency into a more digitally focused organization.

The amendment to the Depositors Protection Act provides a legal framework for reviewing the financial assets of virtual asset service providers (VASPs). It is reported that the insurance corporation is a quasi-governmental agency in South Korea designed to protect depositors' interests and maintain the stability of the financial system.