The Financial Supervisory Service (FSS) announced on the 31st that it plans to establish a reporting center for virtual asset-related investment fraud and operate an intensive reporting period for seven months.
The intensive reporting period will run from the 1st of next month until the end of the year, and the center will be headed by Kim Beom-jun, Deputy Director in charge of Consumer Rights Protection. The Financial Fraud Response Team will act as the control tower, collaborating with related departments such as the Consumer Finance Bureau and the Asset Management Inspection Bureau.
If a case reported to the center is serious or contains specific factual details requiring investigation, it will be promptly reported to the prosecution and other authorities. In cases where there is concern about public harm due to investment fraud, a financial consumer alert will be issued to prevent further damage.
According to the FSS, the number of reports of virtual asset-related fraudulent investment schemes increased sharply by 67.2%, from 119 cases in 2021 to 199 cases last year. Amid ongoing discussions in the National Assembly to enact laws protecting virtual asset investors, investment fraud linked to virtual assets is rampant during this regulatory gap period, making proactive measures to protect investors necessary.
An FSS official stated, "We will closely cooperate with investigative agencies and related departments within the FSS to prevent damage caused by virtual asset-related investment fraud," adding, "We will regularly review reported information and notifications to investigative agencies and actively utilize them for improving virtual asset-related regulations."
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