Korea FSC to Launch Crypto Asset Monitoring Bureau

South Korea's Financial Services Commission (FSC) recently announced that it will launch “crypto asset monitoring bureau”, an independent bureau that will be managed by the Korea Financial Intelligence Unit (KFIU) .

The bureau seeks to address all crypto-related matters in the country, aiming to track any suspicious crypto-related transactions and decide whether to extend licenses for crypto operators in South Korea.

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“The FSC’s decision for the creation of an independent bureau inside KFIU with increased personnel is aimed at checking and monitoring cryptocurrency-related financial activity and preventing potential money laundering,” an FSC official commented.

As Fazzaco reported earlier, FSC will launch a virtual asset division within the KFIU​ as early as next month, which was planned to oversee the adoption and implementation of Financial Action Task Force (FATF) recommendations on financial activities in connection with digital assets and virtual asset service providers.