The Korea Financial Intelligence Unit (KoFIU) held a consultative body meeting on strengthening the compliance capacity of virtual asset service providers (VASPs) on July 27 along with the joint virtual asset crime investigation unit launched a day before and major VASPs. The meeting was held to ensure strong coordination and cooperation with the newly launched joint virtual asset crime investigation unit, bolster response to illegal activities and support VASPs to enhance their compliance capacity.

Speaking at the meeting about the need to strengthen government-wide collective response, KoFIU Commissioner Rhee Yunsu said that although the KoFIU has been carrying out its oversight functions mainly within the framework of anti-money laundering efforts, we will operate a strategic analysis team on virtual assets to more systematically analyze criminal activities involving virtual assets so that we can provide more meaningful and valuable data to the investigative authorities.

The consultative body meeting on compliance capacity of VASPs will be held regularly every two or three months to ensure mutual communication.

* Please refer to the attached file for details.