[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service launched an organization dedicated to virtual assets on the 11th, when the US Securities and Exchange Commission (SEC) approved the Bitcoin Exchange Traded Fund (ETF).

The Financial Supervisory Service opened the Virtual Asset Supervision Bureau and the Virtual Asset Investigation Bureau ahead of the implementation of the Virtual Asset User Protection Act in July this year.

"The price of virtual assets soared in the process of the U.S. SEC approving the spot Bitcoin Traded Index (ETP)," the FSS said. "We will actively respond as the need to protect users of virtual assets, which are high-risk products, is increasing."

The Virtual Asset Supervisory Bureau and the Bureau of Investigation operate with a total of 33 members from six teams. It consisted of eight IT professionals, seven lawyers and eight accountants. The department in charge will prepare for the establishment of internal control standards and operating systems for virtual asset operators and the establishment of infrastructure for investigating unfair trade practices before the law takes effect.

 

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