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South Korea plans to set up virtual asset and cryptocurrency watchdog in June

South Korea’s watchdog for cryptocurrencies and virtual assets could launch in June.

According to NewsPim, the Digital Assets Commission, which acts as a watchdog and regulator for virtual assets and cryptocurrencies, will be launched in early June.

The commission is expected to be responsible for policy preparation and oversight of the virtual asset industry until the enactment of the Digital Assets Act and the establishment of a dedicated organization within the government.

The launch of the Digital Assets Commission will come shortly after the inauguration of the Chairman of the Financial Services Commission – in the last week of June at the earliest.

The decision to establish the Digital Assets Commission was made in haste, as the Terra incident (LUNA) increased the need for a trusted authority to oversee the virtual asset industry.

The Digital Assets Commission plans to prepare guidelines, such as listing review criteria, designating key decisions, trade supervision, information disclosure systems and safeguards. investor protection.

In addition, five major exchanges in South Korea, including Upbit, Bithumb, Coinone, Korbit and Gopax, will establish a joint advisory body for the committee to prevent the second LUNA incident and reflect opinions. their own.

Hwang Seok-jin, a professor at Dongguk’s Graduate School of International Affairs & Information Security and a member of the Special Committee on Virtual Assets, said: “As of the end of last year, the volume of transactions daily virtual asset transactions of 11.3 trillion won, similar to the average of KOSDAQ transactions, but without investor protection.”

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