South Korea to Establish Virtual Asset Department by End of June Aimed at Protecting User Assets Government Officials Prohibited 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. For this purpose, the Financial Services Commission has applied to the Ministry of Administration and Security for organizational restructuring. Officials at the Financial Services Commission stated, “Originally, virtual asset policies were under the responsibility of the Financial Innovation Department, but the newly established virtual asset department will also be under the Financial Innovation Department.”