South Korea's Financial Supervisory Service and FIU advance joint efforts to build a crypto asset regulatory system; the second-phase draft of the Digital Asset Basic Act will strengthen the regulatory framework

Odaily News: Lee Jung-jin, Governor of South Korea's Financial Supervisory Service, stated during a parliamentary audit by the National Assembly's Legislation and Judiciary Committee that South Korea is working with the Financial Intelligence Analysis Unit (FIU) to advance the development of a crypto asset regulatory system, following earlier internal control failures at exchanges such as Bithumb. Lee Jung-jin said the second-phase draft of the Digital Asset Basic Act will strengthen the regulatory framework, and the new regulatory structure is nearing completion. National Assembly member Lee Kang-il pointed out that South Korea's crypto asset regulatory authority is fragmented across the Financial Services Commission, the Financial Supervisory Service, the FIU, and the Bank of Korea, and that the relevant exchanges have numerous suspected violations.