Republic of Korea: Implemented FSC Rules on Virtual Asset Market Inspection

On 19 July 2024, the Financial Services Commission (FSC) Rules on Virtual Asset Market Inspection entered into force. The rules 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 are created for policy coordination and deliberation advisory, along with a fast-track investigation procedure.