South Korea’s Financial Supervisory Service (FSS) is working on regulations to complement the Virtual Asset Users Protection Act, which was recently passed. The FSS aims to have these regulations ready by January, well in advance of the law taking effect. During an audit conducted by the South Korean National Assembly Political Affairs Committee, FSS head Lee Bok-hyeon addressed concerns about South Koreans losing money on foreign-issued cryptocurrencies known as “burger coins.” The FSS plans to establish standards for listing procedures, internal controls, issuance and distribution of virtual assets, as well as a virtual asset market supervision and inspection system. These regulations are being discussed with the Digital Asset eXchange Association (DAXA), which consists of local crypto exchanges. Lee noted that the legislation passed in June lacked regulatory detail and did not grant sufficient authority to the FSS. To address this, the FSS plans to consult with DAXA in cases of manipulation of distribution volume or unfair disclosure. Additionally, South Korean law enforcement intends to establish a joint virtual-asset crime investigation unit called the Joint Investigation Centre for Crypto Crimes, which will include staff from various government agencies.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	1
People	Lee Bok-hyeon
Companies	Financial Supervisory Service (FSS), Joint Investigation Centre for Crypto Crimes, Upbit, Bithumb, Korbit, Gopax, Korea Customs Service, National Assembly Political Affairs Committee, Digital Asset eXchange Association (DAXA), Coinone, National Tax Service
Currencies	None
Securities	None