Establishment of a 'Virtual Asset Division' to oversee and investigate virtual assets at the Financial Services Commission

The 'Virtual Asset User Protection Act' will be enforced next month, and a 'Virtual Asset Division' will be established at the Financial Services Commission.

The Financial Services Commission on Tuesday announced a proposed ordinance to amend the 'Enforcement Rules for the Titles of the Financial Services Commission and its Affiliated Organizations' to reflect the changes.

The purpose of the amendment is to establish an effective regulatory system for the virtual asset market. It will operate as a temporary organization that will exist until December 31 next year.

It will be comprised of eight personnel, including one in the fourth grade, four in the fifth grade, two in the sixth grade, and one in the seventh grade.

The Financial Innovation Division under the Financial Innovation Planning Center has been in charge of domestic virtual asset-related policies, but a separate division will be established.

The Financial Innovation Planning Group, which was a temporary organization, will also become a regular organization.

The name will be changed to "Digital Financial Policy Officer," and the 10 temporary positions will become permanent positions.

In addition, the deadline for the existence of the System Operation Planning Officer and the Virtual Asset Inspection Division, which were established as temporary organizations under the Financial Intelligence Unit (FIU), has been extended from June 30 this year to December 31 next year, respectively.

The head of the System Operations and Information Team, in charge of the FIU's system operations and informatization work, and the head of the Accounting System Team, in charge of accounting system and policy work, will also be created. They will serve until June 24, 2027.