(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Jisun] Financial Authorities to Launch Immediate Investigation System for Unfair Trading in Virtual Assets on July 19th

On the 7th, the Financial Services Commission (FSC) announced that they will activate an investigation system to detect unfair trading practices in accordance with the Virtual Asset User Protection Act, which comes into effect on July 19th. The aim is to promptly investigate and strictly penalize unfair trading activities to heighten market awareness.

Starting from July 19th, the FSC will begin its duties to investigate unfair trading activities, which include the use of undisclosed information, price manipulation, fraudulent trading, and the buying and selling of self-issued coins.

The FSC plans to detect suspicious cases through reports from virtual asset exchanges about abnormal trading activities and tips from the public. These cases will be categorized and investigated in collaboration with the Financial Supervisory Service (FSS). Upon completion of the investigation, the Virtual Asset Investigation Deliberation Committee will review and decide on actions, which could include filing charges, notifying investigative agencies, imposing fines, issuing warnings, or taking precautionary measures.

The authorities have been granted the power to request the submission of books, documents, and items; request written statements; conduct on-site inspections; and seize books, documents, and items. They can also analyze psychological materials related to suspicious transactions from exchanges, analyze on-chain virtual asset transaction data, and request and analyze financial transaction information.

To ensure immediate response to unfair trading activities following the implementation of the Virtual Asset User Protection Act, the authorities have also reorganized and expanded their personnel. The FSC has established a virtual asset division with nine members, while the FSS has created a virtual asset investigation bureau with 17 members. Regulations and detailed enforcement rules for investigating the virtual asset market are set to be enacted by the FSC on July 10th.

 

 

[ⓒ AlphaBIZ. 무단전재-재배포 금지]