Financial Supervisory Service to Conduct First Inspection of Virtual Asset Businesses
CryptoNewsTerminal Staff02 Sep, 2024
Financial Supervisory Service to Conduct First Inspection of Virtual Asset Businesses
The Financial Supervisory Service (FSS) will conduct its first inspection of virtual asset businesses since the implementation of the Virtual Asset Utilization Protection Act (Virtual Asset Act) in July. The Virtual Asset Act contains only basic regulations, so the FSS will also check the application of self-regulation by these businesses. Six entities have been selected for inspection, including two of the won-based market exchanges such as Upbit, Bithumb, Coinone, GOPAX, Korbit, etc., as well as coin market exchanges, wallet and depository businesses. The focus of the inspection will be on: Checking the user protection system such as compliance with the Virtual Assets Act Pre-emptive inspection of vulnerable businesses for user protection * Checking the status of implementation of regulations related to unfair trade
