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In alignment with the Act on the Protection of Users of Virtual Assets implemented in July, the Financial Services Commission’s Virtual Asset Division will operate with eight staff members until the end of next year. Additionally, the Financial Intelligence Unit (FIU)’s Virtual Asset Inspection Division’s temporary status has been extended for another year and a half, also until the end of next year.
The Ministry of the Interior and Safety announced amendments to FIU and its affiliated organizations on March 5. The new Virtual Asset Division, to be established next month, will be part of the Financial Services Commission’s Financial Industry Bureau as a temporary unit with eight employees. Previously, domestic virtual asset policies were managed by the Financial Innovation Division under the Financial Innovation Planning Group.
The Financial Innovation Planning Group, which has been a temporary organization since July 2018, will become a permanent department called the Digital Financial Policy Office, with its ten temporary positions converted to full-time roles.
The FIU’s Virtual Asset Inspection Division and System Operation Planning Division’s expiration dates have been extended to the end of next year. The FIU will also extend an additional position to review and analyze virtual asset financial transactions.
Furthermore, the Financial Services Commission is authorized to increase staff by one for AI promotion in finance and by three for combating unfair capital market transactions. Additionally, two temporary positions focused on innovative financial services regulation will be made permanent.
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