South Korea prepares additional rules for supervision of cryptocurrencies – Bits Media

Financial supervision service of South Korea (FSS) reported, that is engaged in the preparation of the rules in addition to the law on the protection of virtual assets users, adopted this year.

Speaking to the Committee on Political Issues of the National Assembly of the South Korea, FSS leader Lee Bok Hyun (Lee Bok-hyeon) Recognized, that many citizens of the country lose money on investments in cryptocurrencies, released abroad, but which are traded in South Korea. To protect local users, FSS will establish standards for leaflets of crypto assets on trading platforms, internal control, release and distribution of virtual assets. New normative acts should be ready by January, long before the entry into force of the law, The head of FSS said.

The agency also works on the rules for supervision and check of the crypto assets market. Lee said, that these standards are already discussed with the Association of Cryptocurrency Exchange of South Korea (Download), which includes local commercials UPBIT, Bithumb, Coinone, Korbit и GOPAX. A few months ago, this alliance launched the system, notifying users about abnormal deviations of the exchange value of crypto assets.

Lee noted, what is the law on protecting virtual assets users, adopted in June, There are no regulatory details. The law establishes criminal liability for violations, however, does not give FSS sufficient powers. There are systems for various checks in the securities sector, assets associated with the issue, But there are no similar systems on DAXA, not at other exchanges, whether he noted. In January, FSS spoke about plans to develop new tool monitoring tools, associated with digital assets.

In July, the law enforcement agencies of South Korea created an interagency unit to fight crypto -mesh - the United Center for Investigations of Cryptocurrency Crimes. It includes FSS employees, as well as the tax service and the customs service of South Korea.