Vice Chairman Kim So-young confirmed the initiative during a March 12 meeting with local crypto industry experts, emphasizing the government’s commitment to fostering a well-regulated market.
The FSC’s approach will extend beyond existing user protection laws, incorporating regulations for stablecoins and tokenized securities. Kim highlighted that South Korean authorities are accelerating efforts to align with global regulatory trends, especially in light of increasing international discussions on crypto oversight.
Building on its February roadmap for corporate crypto participation, the FSC is shifting focus to implementation. Kim stressed that integrating institutions into the crypto space requires changes in market practices alongside regulatory updates. A task force will draft detailed guidelines with different timelines for industry players to facilitate this. Non-profits and crypto exchanges can expect regulatory directives by April, while public companies and professional investors will receive theirs in the year’s third quarter.
Meanwhile, South Korea’s Financial Intelligence Unit (FIU) is intensifying its efforts to combat illicit financial activities in the crypto sector. Earlier this month, the agency announced plans to establish a joint response team in collaboration with the Financial Supervisory Service and financial institutions.
The unit will tackle anti-money laundering (AML) violations that threaten public welfare. Authorities also plan to issue targeted warnings to industry participants deemed vulnerable to AML crimes based on risk assessments, media reports, and industry feedback.
The South Korean Ministry of Justice also published a proposal to establish the Joint Investigation Unit (JIU) for Virtual Asset Crimes as a full-fledged department within the prosecution service. The unit was initially established as a temporary task force in mid-2023, and it has played a pivotal role in cracking down on crypto fraud.
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Tags: FSCSouth Korea
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