ImportantSouth Korea's Financial Supervisory Service Plans to Jointly Build a Crypto Asset Regulatory Framework with the FIU

Lee Jeong-jin, Governor of South Korea's Financial Supervisory Service, stated during the National Policy Committee's parliamentary audit that the agency is collaborating with the Financial Intelligence Unit (FIU) to advance the development of a crypto asset regulatory system, following past internal control failures at exchanges including Bithumb. He noted that the draft of the second-phase Digital Asset Basic Act will strengthen the regulatory framework, and the new regulatory structure is nearly complete. Separately, Member of the National Assembly Lee Kang-il pointed out that South Korea's crypto regulatory powers are currently dispersed across the Financial Services Commission, the Financial Supervisory Service, the FIU, and the Bank of Korea, and a large number of suspected violations have been identified at related crypto exchanges.

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