Financial Supervisory Service Prepares for Virtual Asset User Protection Act Implementation

The Financial Supervisory Service is gearing up for the implementation of the Virtual Asset User Protection Act in July. They aim to ensure market stability, assist operators in adhering to regulations smoothly, and establish surveillance systems to detect unfair transactions. Kim Byung-chil, deputy head of strategy and supervision, emphasized the importance of compliance and support for operators during the ‘2024 Financial Supervision Workshop on Digital Sector’. Measures include on-site consulting, efficient supervision, and communication with businesses. The focus is on three pillars: establishing a disciplinary system, fostering market order, and eradicating illegal behavior through streamlined inspections and proactive surveillance. Cooperation with related organizations is also emphasized for effective enforcement.

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