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The Financial Services Commission (FSC) South Korea's primary financial regulator announced an organisational shift on Thursday that will help promote openness in virtual asset transactions.According to the announcement:
"The FSC and the Ministry of the Interior and Safety issued an advance notice of organizational change at the Korea Financial Intelligence Unit (KOFIU) which will add a specific division and personnel tasked to oversee virtual asset transactions."
The amended Act on Reporting and Using Specified Financial Transaction Information entered into force in March of this year and this plan is meant to promote transparency in virtual asset transactions.
"The FSC and the Ministry of the Interior and Safety issued an advance notice of organizational change at the Korea Financial Intelligence Unit (KOFIU) which will add a specific division and personnel tasked to oversee virtual asset transactions."
The amended Act on Reporting and Using Specified Financial Transaction Information entered into force in March of this year and this plan is meant to promote transparency in virtual asset transactions.