South Korea’s Financial Supervisory Service says it is working with FIU to advance the development of a cryptocurrency regulatory framework
BIBIBI
AT A GLANCE
South Korea’s Financial Supervisory Service says it is working with FIU to advance the development of a cryptocurrency regulatory framework, and the new regulatory structure is nearing completion.
Article
South Korea’s Financial Supervisory Service plans to jointly build a FIU cryptocurrency regulatory framework with
PANews reports that October 19 Lee Chan-jin, Governor of South Korea’s Financial Supervisory Service, stated during a National Assembly audit by the Political Affairs Committee that it is advancing the development of a cryptocurrency regulatory framework with the Financial Intelligence Unit (FIU). This follows internal control failures at exchanges including Bithumb. He said that the Phase Digital Asset Basic Act bill will strengthen the regulatory framework, and that the new regulatory structure is nearing completion. In addition, National Assembly member Lee Kang-il noted that South Korea’s cryptocurrency regulatory authority is dispersed among the Financial Services Commission, the Financial Supervisory Service,FIU and the Bank of Korea, and that the relevant exchanges have a large number of suspected violations.
Lee Chan-jin, Governor of South Korea’s Financial Supervisory Service, stated that it is working with the Financial Intelligence Unit (FIU) to advance the development of a cryptocurrency regulatory framework.
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The original article stated that exchanges including Bithumb had experienced internal control failures.
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Lee Chan-jin said that the Phase Digital Asset Basic Act bill will strengthen the regulatory framework.
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Lee Chan-jin said that the new regulatory structure is nearing completion.
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National Assembly member Lee Kang-il noted that South Korea’s cryptocurrency regulatory authority is dispersed among the Financial Services Commission, the Financial Supervisory Service,FIU and the Bank of Korea.
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Lee Kang-il noted that the relevant exchanges have a large number of suspected violations.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Multiple South Korean institutions currently bear cryptocurrency regulatory responsibilities separately. The Financial Supervisory Service is working with FIU to establish a new regulatory framework, and a separate bill is intended to strengthen regulation, but the original article does not specify detailed rules or a formal implementation date.
Why it matters to readers
If the regulatory framework changes, South Korean cryptocurrency exchanges may need to monitor subsequently announced allocations of responsibilities, internal control requirements, and arrangements for addressing violations; the original article currently discloses only the progress of the initiative and the direction of the bill.
Beginners should regard this as a policy development indicating that South Korea’s cryptocurrency regulation may tighten, rather than as specific trading rules that have already taken effect.
Risks and unknowns
The full text, review status, and whether the Phase Digital Asset Basic Act bill will pass are not stated.
The specific responsibilities, entities covered, and implementation date of the new regulatory structure are not stated.
Specific evidence and disposition outcomes regarding internal control failures at exchanges including Bithumb and suspected violations by the relevant exchanges are not provided.
The content is relayed by PANews; the original article does not include a record of the National Assembly remarks or formal regulatory documents.
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Related concepts
FIU
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