Financial Services Commission converts Virtual Assets Division into a standing organization…strengthens supervisory and policy response

The Financial Services Commission announced that it will convert the Virtual Assets Division, which had been operating as a temporary organization, into a standing organization, and will also change the Virtual Asset Inspection Division established at the Financial Intelligence Unit (FIU) into a standing system.

On the 16th, the Financial Services Commission published a draft partial amendment to the 'Enforcement Rules of the Financial Services Commission and Its Affiliated Agencies' in the Official Gazette. The amendment contains a direction to operate virtual asset-related policy and supervisory work as a continuous administrative system rather than a one-off response.

The Virtual Assets Division was established in July 2024 in line with the enforcement of the Virtual Asset User Protection Act. After the law's implementation, demand for institutional settlement and market management rapidly increased, and it was converted into a standing organization just a year and a half after its establishment. Along with this, the Virtual Asset Inspection Division installed at the FIU is also being converted from a temporary organization to a standing organization. This is interpreted as reflecting the judgment that organizational continuity is necessary as inspections of virtual asset service providers and supervisory work related to anti-money laundering (AML) have become regularized.