FSC to Form Virtual Asset Division for Enhanced Implementation of Virtual Asset Act

FSC to Form Virtual Asset Division for Enhanced Implementation of Virtual Asset Act

Financial Services Commission Strengthens Virtual Asset Framework In preparation for the July implementation of the Virtual Asset Act, the Financial Services Commission (FSC) is undergoing an administrative restructuring, which includes the establishment of a Virtual Asset Division. This move signifies the FSC's commitment to a comprehensive regulatory framework for the virtual asset industry. Virtual Asset Division The Virtual Asset Division will be formed within the Financial Innovation Planning Team (FIPT), which currently oversees virtual assets and fintech. The division will assume responsibility for virtual asset-related matters previously handled by the FIPT's Financial Innovation Division. Enhanced Implementation This strategic reorganization aims to enhance the implementation of the Virtual Asset Act, which seeks to protect virtual asset users and foster industry growth. The FSC will finalize the details of the reorganization and determine staffing arrangements in the coming weeks. Commitment to Virtual Assets The establishment of the Virtual Asset Division demonstrates the FSC's recognition of the growing importance of virtual assets. This move will strengthen the regulatory environment and support the responsible development of the sector.