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[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service (FSS) announced on November 11 that it has launched the Virtual Asset Supervision Bureau and the Virtual Asset Investigation Bureau, which are in charge of supervision, inspection and investigation of virtual assets, in order to smoothly implement the Virtual Asset User Protection Act. It will first conduct inspections on major businesses and establish research infrastructure.
The virtual asset supervision bureau and investigation bureau, launched on the 8th, will operate a total of 33 people in six teams, consisting of professional employees, including eight IT experts, seven lawyers and eight accountants.
"The price of virtual assets soared in the process of the U.S. Securities and Exchange Commission (SEC) approving the spot Bitcoin Listing Index (ETP)," the Financial Supervisory Service said. "We will actively respond as the need to protect users of virtual assets, which are high-risk products, is increasing."
The FSS plans to prepare model standards to protect virtual asset users, prepare and distribute a roadmap to support virtual asset operators' implementation of regulations, and a checklist for autonomous preparation and inspection. It will also provide diagnosis and policy advice through on-site visits even before the law takes effect on the preparation and compliance of virtual asset operators to implement laws and best practices.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
