South Korea to Establish Virtual Asset Department by the End of June to Safeguard 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 Assets Division by the end of June and complete the appointment of the division chief. In this regard, the Financial Services Commission has applied to the Ministry of Administration and Security for organizational structure adjustment. Officials from the Financial Services Commission stated, “Originally, virtual asset-related policies were handled by the Financial Innovation Division, but the newly established Virtual Assets Division will also be under the Financial Innovation Division.”