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

On 7 May 2024, the public consultation closed on the Financial Services Commission (FSC) Rules on Virtual Asset Market Inspection. 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.