In a conference, the South Korean government official announced it will support virtual asset service providers in strengthening compliance capability.
The conference ‘Virtual Asset Business Compliance Competency Reinforcement Council’ was held by the Financial Intelligence Unit (FIU) on July 27.
The President of this financial body, Lee Yoon-soo stated, “As the virtual asset market has been formed and developed domestically and internationally in recent years, the need to establish market transaction order and protect investors has increased significantly.”
The conference was held to strengthen response regarding illegal acts into the virtual asset industry with cooperation from the FIU.
Yoon-soo said that the FIU has been operating a virtual asset business reporting system in the meantime. He also clarified that malicious behavior regarding this matter will be strictly sanctioned.
He added, “Through the operation of the ‘Virtual Asset Strategy Analysis Team’ within the FIU, we will strengthen the analysis of financial information related to virtual asset crimes and promptly provide meaningful information to law enforcement agencies through systematic analysis.”
Among the attendees, five major domestic crypto service providers – Upbit, Bithumb, Coinone, Cobit and Gopax – reported their status on responding to virtual asset crimes. The attendees have also agreed to hold such meetings every 2-3 months for mutual communication.
The conference was held just a day after the country launched an investigation team to fight crypto crimes.
