According to ChainCatcher news, Taiwanese media reports that the Financial Supervisory Commission (FSC) of Taiwan will undergo significant reforms. The office of Legislator Jiang Yongchang has co-signed and submitted the "Draft Organization Act of the Virtual Assets Bureau of the Financial Supervisory Commission" for its first reading, intending to amend relevant provisions of the FSC's organizational law, which includes:In addition to the existing Banking Bureau, Securities and Futures Bureau, Insurance Bureau, and Inspection Bureau, the FSC will establish a new Virtual Assets Bureau. This agency will be responsible for the supervision of virtual asset operators' businesses and customer protection matters; it will execute financial inspections of virtual asset operators and supervise internal audits and internal controls, among other tasks.

ChainCatcher news, according to Newsway, the South Korean Financial Services Commission plans to launch a virtual asset bureau (tentative name) in August. Currently, the Financial Commission is in the final discussions with the Ministry of the Interior and Safety regarding the establishment of the new virtual asset bureau. If government approval is obtained, relevant departments will be established through procedures such as the promulgation of a modification bill for the job system, and subsequent personnel arrangements will be completed.The Financial Commission is currently promoting a plan to establish the virtual asset bureau based on the framework of the Virtual Asset Inspection Division under the Financial Intelligence Unit (FIU).It is reported that the Virtual Asset Inspection Division is a temporary institution established according to the revised Specific Financial Information Act (Special Financial Transactions Act) in 2021, and its operational period (until September 2023) is also approaching. (Source link)