Seoul has decided to overview and restructure the country's financial regulator the Financial Services Agency to make it more effective in scoping with the challenges the financial sectors, in particular, digital coins.
According to the local media, it revised different departments with new ones to be established. Specifically, the authority will run Strategy Development and Management Bureau instead of the Inspection Bureau. The new body will be responsible for financial strategy and everything connected with the crypto segment and money laundering. Moreover, it will be able to schedule and carry out inspections of the financial organizations.
The next change will touch the Planning and Coordination Bureau to be replaced by the Policy and Markets Bureau. The main responsibilities will be: development of the regulatory environment for the financial sector as well as market policy.
As for the Supervision Bureau, the body will see no changes.
For reference, Japan's regulator took measures against seven trading platforms dealing with cryptocurrencies. Specifically, these exchanges received corresponding notices this March.
Moreover, two more exchanges were ordered to suspend operations considering the results of the inspections. Besides, the authority also sent messages to a number of registered platforms informing about insufficient management and AML level.
In early July, FSA stated that it considered revision of the regulation for the crypto sector.