The proposal of the Financial Services Commission of South Korea to establish a new virtual asset department has been approved by the country's cabin

According to Korean media reports on June 18th, the proposal to establish a virtual asset department by the Financial Services Commission of Korea has been approved by the State Council. The revised regulations and related implementation rules that were passed will be announced and implemented on June 25th. The virtual asset department will be responsible for necessary management and supervision work to establish order in the virtual asset market and protect users. The department will temporarily add eight staff members (until the end of 2025), including one level 4 employee, four level 5 employees, two level 6 employees, and one level 7 employee.