FSC Meets with 80 Virtual Asset Operators, Enforces 'Internal Control'

IconCryptoNewsTerminal Staff11 Jun, 2024

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FSC Meets with 80 Virtual Asset Operators, Enforces 'Internal Control'

FSC Meets with 80 Virtual Asset Operators, Enforces 'Internal Control' The Financial Supervisory Service (FSC) convened its first industry workshop ahead of the implementation of the 'Virtual Asset Utilization and Protection Act' (Virtual Asset Act), which was held on May 11, 2023. The FSC announced that the meeting was conducted at its Yeouido headquarters and was attended by around 80 representatives from 28 virtual asset operator compliance supervisors and those responsible for internal control. The workshop focused on enhancing internal control and ensuring compliance with the upcoming Virtual Asset Act. The FSC emphasized the importance of establishing a robust internal control system within the virtual asset industry. The 'Virtual Asset Utilization and Protection Act' aims to provide a comprehensive regulatory framework for the industry, including measures to prevent illicit activities and protect investors. The FSC's efforts to enforce internal control are in line with international standards and best practices, aiming to foster a safe and transparent virtual asset market.

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