FSS Conducts On-Site Consulting for Virtual Asset Act Implementation

IconCryptoNewsTerminal Staff17 Jun, 2024

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FSS Conducts On-Site Consulting for Virtual Asset Act Implementation

FSS Conducts On-Site Consulting for Virtual Asset Act Implementation To prepare for the implementation of the Virtual Asset Utilization Protection Act (Virtual Asset Act), the Financial Supervisory Service (FSS) has provided on-site consulting to virtual asset operators. The consulting, conducted from February to April, focused on key business obligations under the law, including user asset management, transaction record maintenance, and abnormal transaction monitoring. During the consulting, operators were found to be establishing internal control procedures and building infrastructure for compliance. They are improving processes for deposit management, provision accumulation, and blocking of deposits and withdrawals. Additionally, they are enhancing internal controls for virtual asset storage and management of cold wallets. The FSS plans to develop a practical guidebook to further assist operators with compliance. This guidebook will include case studies and best practices for virtual asset wallet management.

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