The FSC report highlights new regulations that introduce stricter licensing requirements for digital currency exchanges and token issuers based on the risks involved.
The unit is a joint financial and securities crime investigation team from the Financial Services Commission and the Financial Supervisory Service and was disbanded in 2020.
The country’s regulators have said they will use the Terra debacle to raise awareness among digital asset investors following the LUNA meltdown.
Newly-elected president Yoon Suk-yeol announced that his government would push back the tax scheduled for 2023 in favor of consumer protections.
The FSC’s first-ever comprehensive survey also showed that the daily transaction volume hit $9 billion as the number of traders surged to 15 million in 2021.
The vice chair of the Financial Services Commission has asked the National Assembly in South Korea to reverse the ICO ban and instead regulate the industry to weed out scammers.
The rule would require all businesses to verify and report the identity of any user that sends them digital currencies, which experts say will stifle growth.
South Korea’s Financial Services Commission is taking a cue from the Financial Action Task Force, which recently said NFTs are not virtual assets.
The Financial Services Commission in South Korea has issued a decree that bars staff members of any digital currency exchange from trading their own tokens.
The new bureau will fall under the anti-money laundering agency and will monitor the industry for any suspicious transactions and enhance investor protection.
The Financial Services Commission reportedly plans on denying 11 local exchanges approval to serve the South Korean market as it seeks to implement stricter regulations for the digital currency industry.