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South Korea's Financial Watchdog Mandates Reporting of Crypto Assets by Internal Personnel

The Financial Services Commission (FSC) in South Korea has mandated that its employees report their cryptocurrency holdings as part of the upcoming second phase of cryptocurrency-related legislation.

The FSC has instructed its personnel engaged in duties concerning virtual assets to submit detailed information on their crypto assets, including the type of cryptocurrency owned, date of acquisition, quantity, and overall amount.

The FSC is expected to finalize the revisions by the latter half of the year and is conducting essential research to guide subsequent discussions on aspects such as fundraising and distributions. South Korea's proactive stance on regulation is evident, with recent laws related to consumer protection and the curbing of unfair trade practices.

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