South Korea to Establish Virtual Asset Department by the End of June to Safeguard User Assets Prohibiting Government Officials from Holding Virtual Assets

According to sources in the financial investment industry, the Financial Supervisory 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 Supervisory Commission has applied to the Ministry of Administration for organizational structure adjustments. Officials from the Financial Supervisory Commission stated, “Originally, virtual asset-related policies were handled by the Financial Innovation Department, but the newly established Virtual Asset Department will also be under the Financial Innovation Department.”