The Financial Supervisory Service (FSS) of South Korea has introduced comprehensive guidelines to regulate the virtual asset market. These guidelines include setting standards for the issuance, distribution, and listing of virtual assets, with the aim of establishing a solid framework for the growing market.
In preparation for the implementation of the “Virtual Asset User Protection Law,” the FSS has established new departments for virtual asset supervision and investigation. These departments, staffed with a total of 33 team members including IT experts, lawyers, and accountants, will focus on user protection in high-risk virtual assets and addressing issues of market volatility and unfair trading practices.
These measures are part of South Korea’s efforts to align with global trends in crypto regulation, focusing on transparency and preventing illegal activities. For example, the Financial Services Commission (FSC) amended the Credit Finance Act to restrict the use of credit cards in cryptocurrency transactions to prevent misuse of funds and speculative activities.
This comprehensive approach demonstrates South Korea’s commitment to creating a safe and responsible digital asset environment.