[Asia Economy Reporter Ji-hwan Park] The government will establish a dedicated organization within the Financial Intelligence Unit (FIU) under the Financial Services Commission to strengthen supervision and inspection of virtual assets.
On the 26th, the government announced that it will create a dedicated organization within the Financial Intelligence Unit (FIU) of the Financial Services Commission to improve the virtual asset system and manage and supervise related operators such as cryptocurrency exchanges, following the enforcement of the Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Transactions Act).
With this organizational revision, the FIU will expand from the current structure of 1 director, 6 divisions, and 69 personnel to 1 director, 1 deputy director, 7 divisions, and 83 personnel. This includes an increase of 1 director-level position, 1 division chief, and 14 staff members.
As part of this reorganization, a "Virtual Asset Inspection Division" will be newly established within the FIU. This division will be responsible for handling tasks such as the acceptance, renewal, and cancellation of cryptocurrency exchange registrations.
Practical personnel will also be assigned to strengthen the review and analysis of specified financial transaction information to prevent money laundering. Additionally, the FIU plans to establish a Grade 2 "Institutional Operation Planning Officer" directly under the FIU Director to address the increasing variety of subjects and types of anti-money laundering targets, and to increase personnel for analyzing specified financial transaction information in the local tax sector.
An FIU official stated, "We will utilize the reinforced organization and personnel to thoroughly manage and supervise virtual asset operators," adding, "We intend to establish a sound virtual asset trading order by preventing money laundering activities and enhancing transparency." The FIU organizational revision ordinance will be promulgated and enforced next month after collecting opinions through legislative notice, followed by review by the Office of Legislation, Deputy Prime Minister’s meeting, and Cabinet meeting approval.
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