Korea Financial Supervisory Authority initiated system upgrades to prepare for reimbursement of victims of virtual asset voice fishing

ON 10 AUGUST, ACCORDING TO SBS, THE KOREA FINANCIAL SUPERVISORY AUTHORITY (FSS) BEGAN A COMPREHENSIVE REFORM OF ITS SYSTEM TO ADDRESS THE ISSUE OF COMPENSATION FOR LOSSES CAUSED BY FINANCIAL FRAUD, INCLUDING VOICE FISHING INVOLVING VIRTUAL ASSETS. FSS LAUNCHED THE FINANCIAL FRAUD LOSS COMPENSATION SYSTEM IMPROVEMENT PROJECT ON 6 AUGUST. THE PROJECT AIMS TO REFORM THE EXISTING KOREAN WON-CENTRED COMPENSATION COMPUTING SYSTEM AND TO PREPARE FOR THE INCLUSION OF VIRTUAL ASSET LOSSES IN THE SCOPE OF COMPENSATION AS OF OCTOBER THIS YEAR. THE CURRENT SYSTEM IS BASED PRIMARILY ON LOSSES DENOMINATED IN KOREAN WON, BUT THE REFORM WILL INTRODUCE COMPENSATION RATES AND TAKE INTO ACCOUNT THE TYPE AND QUANTITY OF VIRTUAL ASSETS INVOLVED. IN ADDITION, WHEN PAYMENTS ARE SUSPENDED, THE KOREAN DOLLAR-CONVERTIBLE VALUE OF VIRTUAL ASSETS WILL ALSO BE INCLUDED IN THE CALCULATION。