Financial Supervisory Service Orders Virtual Asset Operators to Strengthen Volatility Response and Internal Controls

Uk Jin

Summary

The Financial Supervisory Service announced that it has ordered virtual asset operators to strengthen internal controls due to increased volatility in the virtual asset market.
The Financial Supervisory Service emphasized the importance of informing users about precautions when trading overheated items to prevent user damage in relation to the abnormal transaction monitoring system.
The Financial Supervisory Service stated that it plans to continue communication with the industry through regular internal control strengthening workshops and aims to support the substantialization of internal controls to enhance market trust.

The Financial Supervisory Service recently ordered virtual asset operators to strengthen their internal controls in response to increased volatility in the virtual asset market.

According to the industry, on the afternoon of the 5th, the Financial Supervisory Service, in collaboration with the National Police Agency and the industry, held an internal control workshop for compliance officers of virtual asset operators at its headquarters in Yeouido, sharing key internal control issues and related best practices.

The Financial Supervisory Service emphasized that the industry should further strengthen internal controls in response to the recent sharp increase in market volatility.

Additionally, regarding the abnormal transaction monitoring system, it was advised to thoroughly inform users of 'precautions when trading overheated items' to prevent user damage.

The Financial Supervisory Service stated, "We plan to continue communication and cooperation with the industry by regularly holding internal control strengthening workshops," and added, "We will support the thorough implementation of the Virtual Asset Act and the substantialization of internal controls to enhance user protection and increase market trust."