South Korea is in the process of tasking a branch of the Financial Services Commission with regulating cryptocurrency exchanges, according to a report by news agency News1.
Fast Facts:
- The FSC is consulting on making the Financial Intelligence Unit responsible for supervising and managing the exchanges, and has asked the Ministry of Interior and Safety to establish a new department and add more personnel at the FIU to help it carry out its new mission.
- The South Korean government announced an initiative named the Virtual Asset Transaction Management Plan after holding a meeting of vice-ministers on May 28.
- According to a government press release, management, supervision and institutional improvements related to virtual asset business operators will be handled by the Financial Services Commission, while the development of blockchain technology and the blockchain industry will become the responsibility of the Ministry of Science and Information & Communications Technology.