Republic of Korea: Opened consultation on FSC Rules on Virtual Asset Market Inspection

On 28 March 2024, the Financial Services Commission (FSC) issued a preliminary notice for the enactment of Rules on Virtual Asset Market Inspection and opened a public comment until 7 May 2024. The rules aim to establish an investigation process outlining all stages, including detecting suspicious transactions, examining cases by the FSC and Financial Supervisory Service, conducting investigations, and imposing criminal punishment or penalty surcharge. Additionally, new committees will be set up for policy coordination and deliberation advisory, along with a fast-track investigation procedure.