South Korea's Financial Supervisory Service plans to jointly establish a crypto-asset regulatory system with the FIU.

PANews October 19 news: Lee Jung-jin, Governor of South Korea's Financial Supervisory Service, stated during the National Assembly Political Affairs Committee's parliamentary inspection that the Financial Supervisory Service is working with the Financial Intelligence Analysis Unit (FIU) to advance the construction of a crypto asset regulatory system, following previous internal control failures at exchanges such as Bithumb. He said that the draft of the second phase of the Digital Asset Basic Act will strengthen the regulatory framework, and the new regulatory structure is nearing completion. Separately, National Assembly member Lee Kang-il pointed out that South Korea's crypto regulatory authority is dispersed among the Financial Services Commission, the Financial Supervisory Service, the FIU, and the Bank of Korea, and that the relevant exchanges have a large number of suspected violations.

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