South Korea plans to establish a Virtual Asset Division by the end of June to protect user assets prohibiting government officials from holding virtual assets

According to sources in the financial investment industry, the Financial Services Commission is expected to establish a virtual asset department by the end of June and complete the appointment of the department head. In this regard, the Financial Services Commission has applied to the Ministry of Administration and Security for organizational structure adjustments. A spokesperson for the Financial Services Commission stated, “Originally, virtual asset-related policies were the responsibility of the Financial Innovation Department, but the newly established Virtual Asset Department will also be under the jurisdiction of the Financial Innovation Department.”