Financial Services Commission Creates Virtual Assets Division, Increases Staffing

Financial Services Commission Creates Virtual Assets Division, Increases Staffing

Financial Services Commission Strengthens Virtual Asset Regulation In a move to strengthen its oversight of the virtual asset market, the Financial Services Commission (FSC) has established a dedicated Virtual Assets Division within its Financial Industry Bureau. This new division will be responsible for developing and implementing regulations for the industry, as well as conducting inspections and enforcement actions. To support the new division, the FSC has increased its staffing by eight personnel. This additional capacity will enable the FSC to more effectively monitor the virtual asset market and take appropriate action to protect investors and consumers. The FSC's decision to establish a Virtual Assets Division reflects the growing importance of this sector. In recent years, there has been a surge in the use of virtual assets, such as Bitcoin and Ethereum. This has led to concerns about the potential risks posed by these assets, including their volatility, liquidity, and susceptibility to fraud. The FSC's new division will play a key role in addressing these concerns and ensuring that the virtual asset market operates in a safe and transparent manner. The FSC will continue to monitor the market and take further action as necessary to protect investors and consumers.