Financial Services Commission of Korea to set up new ”Virtual Asset Division”...Transmits reorganization plan to Ministry of Interior and Safety

South Korea's Financial Services Commission is promoting the establishment of a new "Virtual Asset Division" that will specialize in virtual assets, media outlet News1 reported.
According to the financial industry, on the 29th, the Financial Services Commission announced that it will implement the Virtual Asset User Protection Act (hereinafter referred to as the Virtual Asset Act) in July.
In addition, the government is currently in discussions with the Ministry of Interior and Safety (equivalent to the Ministry of Internal Affairs and Communications in Japan) to set up a new specialized department. Initially, domestic virtual asset-related policies will be handled by a temporary organization to carry out work on virtual assets, fintech, etc.
The Financial Innovation Division under the Financial Innovation Planning Committee was in charge. As the Virtual Asset Law is about to be fully implemented, the Financial Innovation Planning Committee will be formally organized and a new Virtual Asset Division will be established within the committee.
The Financial Services Commission will submit the proposed reorganization to the Ministry of the Interior and Safety (equivalent to Japan's Ministry of Internal Affairs and Communications), and it has been reported that the reorganization could be finalized as early as next month.
An official from the Financial Services Commission's Financial Innovation Division said, "Discussions are ongoing between departments and nothing has been finalized."