In the tide of the digital age, the virtual asset trading market has always attracted much attention. Recently, the South Korean government announced the establishment of the Virtual Asset Regulatory Bureau and the Investigation Bureau to combat unfair trading in the currency market. This move has attracted widespread attention. How will it affect the development of the virtual asset market? Let's take a deeper look.

The establishment of the Virtual Asset Regulatory Bureau marks the importance that the South Korean government attaches to the digital currency market. The establishment of this agency is to supervise and manage virtual asset transactions and ensure the stability and fairness of the market order. At the same time, the establishment of the Investigation Bureau means zero tolerance for market violations and will increase the crackdown on improper trading behaviors.

Behind the South Korean government's move is a vigilance against the risks of the digital currency market. In recent years, the virtual asset trading market has been highly volatile and there are many potential risks and loopholes. Some lawless elements have taken advantage of market uncertainty to manipulate and defraud, which has harmed the interests of investors and even affected the stability of the entire financial system. Therefore, it is imperative to establish a regulatory agency and strengthen law enforcement.

What changes will the establishment of the Virtual Asset Regulatory Bureau and the Investigation Bureau bring to the development of the virtual asset market? First of all, the transparency of the market will be improved. The intervention of regulators will strengthen the disclosure and openness of market information and reduce the transaction risks caused by information asymmetry. Secondly, the compliance of the market will be strengthened. Regulators will strengthen supervision of trading platforms and practitioners, standardize market behavior, and improve the compliance level of the market. Most importantly, the stability of the market will be guaranteed. Regulators will respond to market fluctuations in a timely manner, prevent market risks, and ensure the stable operation of the market.

Under this new regulatory mechanism, the virtual asset market will usher in a healthier development environment. Investors will be more confident in participating in transactions, and the market will be more stable and sustainable. At the same time, the standardization and transparency of the market will inject new vitality into the development of the industry and promote the healthy growth of the market.

In general, the establishment of the Virtual Asset Regulatory Bureau and the Investigation Bureau in South Korea is a positive signal for the development of the digital currency market. This move will help improve the transparency, compliance and stability of the market and lay a solid foundation for the healthy development of the market. It is hoped that under the guidance of regulators, the virtual asset market will usher in a more prosperous and stable future.

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Coin Circle (120bTC.COM) News: The South Korean National Assembly has passed the "Virtual Asset User Protection Act" in July this year to strengthen investor protection. The law integrates 19 crypto-asset-related bills, defines digital assets, and imposes penalties for illegal acts such as the use of non-public information, market manipulation and unfair trading. The law is expected to take effect in July 2024.

Establishment of Virtual Asset Supervision and Investigation Bureau

In order to establish market order, the South Korean government has taken positive measures, especially seeing the substantial growth of the virtual asset market. The Financial Supervisory Service of South Korea announced on November 29 that it will establish a "Virtual Asset Supervision Bureau" and a "Virtual Asset Investigation Bureau".

According to Korean media reports, the Virtual Asset Supervision Bureau will be responsible for the overall management of the virtual asset field, including supervision of virtual asset business operators, supervision and inspection, market monitoring and improvement of systems. In addition, they also plan to establish a regulatory system related to virtual assets to promote market stability.

In addition, the Virtual Asset Investigation Bureau will be a department that focuses on investigating unfair transactions and other behaviors, and will focus on combating market disruptions. Its core mission is to prevent market disorder and user damage caused by unfair transactions.

So far, South Korea's virtual asset market is mainly regulated by the Financial Intelligence Unit (FIU) under the Financial Services Commission, which is responsible for reporting matters of virtual asset business operators. On the other hand, the Financial Supervisory Service only has a digital asset research team, which is mainly responsible for virtual asset regulatory support, market research and monitoring. Through this new department, the financial regulator plans to strengthen its role in the virtual asset market.

The trend of cryptocurrency speculation is strong, and supervision is in full swing

It is well known that in the cryptocurrency market, South Korea can definitely be called one of the countries that "love to speculate in cryptocurrency". However, after several cryptocurrency custody platforms have exploded in recent months, the South Korean government is strengthening its supervision of cryptocurrencies.

In addition to passing the "Virtual Asset User Protection Act" in July, it recently established a virtual asset listing task force with external experts and began to discuss guidelines for listing, maintaining listing and delisting regulations for virtual assets. A person related to the Financial Supervisory Service of South Korea revealed that it plans to reach a conclusion and report to the National Assembly a few months before the implementation of the Virtual Asset User Protection Act in July next year. The guidelines are being reviewed to improve the effectiveness of the regulations and study ways for the industry to comply voluntarily.