Odaily News The Financial Supervisory Service (FSS) of South Korea announced that it will conduct the first inspection of virtual asset service providers, which is the first action since the implementation of the Virtual Asset User Protection Act in July. The FSS plans to inspect 6 institutions, including 2 won market exchanges, 3 token market exchanges and 1 wallet/custodian service provider. It is worth noting that 2 of the major won market trading platforms such as Upbit, Bithumb, Coinone, Gopax and Korbit will be selected for inspection. The inspection focuses on compliance with regulations, user protection systems, internal control mechanisms and unfair trading supervision. The FSS will review aspects such as user asset management, cold wallet use, insurance and reserve status, transaction record maintenance, and abnormal transaction monitoring systems. For illegal acts, the FSS stated that it will impose strict sanctions to maintain market order, while supporting operators to strengthen self-regulation.