Financial Services Commission Clarifies Employee Virtual Asset Reporting... Promotes Code of Conduct Revision

The Financial Services Commission (FSC) will clarify the criteria for internal employees who must report their virtual asset holdings.

According to financial authorities on the 6th, the FSC announced on the 4th a draft amendment to the "Code of Conduct for Public Officials" containing these details for public comment.

According to the FSC's Code of Conduct for Public Officials, employees whose duties are related to virtual assets must not use undisclosed information about virtual assets obtained during their work to make investments. If they hold such assets, they are required to report them to the Chairman of the Financial Services Commission.

The amendment specifies that those required to report are currently public officials engaged in virtual asset-related duties or employees who have performed such duties within the past six months. These duties include ▲ drafting and implementing policies or laws related to virtual assets ▲ investigations, inspections, or examinations related to virtual assets ▲ registration and management of virtual asset exchanges ▲ support and management of virtual asset-related technology development, among others.

A new form titled "Virtual Asset Holding Report" has been established, requiring details such as the type of virtual asset held, acquisition date, quantity, and amount. Additionally, reflecting the Anti-Corruption and Civil Rights Commission's request to amend agency-specific codes of conduct, the amendment includes definitions of virtual assets under the "Act on Reporting and Using Specified Financial Transaction Information." The draft also revises terminology within the ordinance from "virtual currency" to "virtual asset."

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