South Korea Plans to Establish Virtual Asset Department by the End of June Aimed at Protecting User Assets Prohibiting Public 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. To this end, the Financial Services Commission has applied to the Ministry of Administration and Security for organizational structure adjustments. Officials from the Financial Services 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.”