The Digital Assets Committee, the world’s first ministerial-level regulator, will begin work in June, according to the Korean newspaper newspim.com. The South Korean government will accelerate the launch of a new cryptocurrency oversight body in direct response to the UST and LUNA incident.
The committee will operate separately from the existing Financial Services Committee (FSC) and the Financial Supervision Authority (FSS), the country’s two main financial regulators. The FSC deals with the sector as a whole and helps shape policy, while the FSS monitors cryptocurrencies.
On May 31, the Government will expand and reorganize the existing branches of government agencies within the Digital Assets Committee, according to media reports.
“The work of the Digital Assets Committee will begin immediately after the inauguration of the new chairman of the Financial Services Commission,” a spokesman for the ruling party said.
The Committee will be one of the first specialized crypto-regulatory bodies in the world and will assume sole responsibility for overseeing the entire sector, although the transfer of authority from the FSC and FIU will take place in stages.