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South Korea’s Financial Intelligence Agency is reorganized and a separate organization will be established to regulate cryptocurrencies

The Financial Intelligence Unit (FIU) of the Financial Services Commission of South Korea is undergoing restructuring, which includes the virtual asset inspection department. The restructuring of the Financial Intelligence Unit will replace the virtual asset inspection department, the planning management office, and the system operation department with the anti-money laundering inspection department, the anti-money laundering comprehensive department, and the anti-money laundering supervision department respectively.

The inspection department will be responsible for casino and anti-money laundering inspections, the comprehensive department will be responsible for supervising the Specific Financial Information Act (Special Act), and the supervision department will be responsible for anti-money laundering assessments and training. In addition to the restructuring, a separate organization will be established to comprehensively regulate cryptocurrencies.

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