The Korean Kim Commission will further expand the scope of inspections and sanctions disclosure on virtual asset practitioners

Odaily Planet Daily News South Korea's Financial Commission (FIU) issued a revision to the "Specific Financial Transaction Information Reporting and Other Relevant Inspection and Sanction Regulations". According to the bill, FIU has the power to conduct anti-money laundering supervision, inspection and sanctions on financial companies, post offices, casino operators and virtual asset business operators. The revised regulations allow FIU and other regulatory agencies to report inspection results and measures to relevant financial institutions. After that, the main content can be published on its website within 10 days. In addition, FIU plans to further expand the scope of inspection and sanction disclosure of virtual asset business operators, including announcing key inspection items in advance, and disclosing legitimate and improper behavior cases of practitioners from time to time to arouse market vigilance. A plan for externally transparent disclosure of the reasons and results of business sanctions. (Hankyung)