South Korea's ruling party proposes new crypto watchdog, FSC hesitant

South Korea's ruling Democratic Party is pushing to establish a new virtual asset market surveillance agency, Edaily reported. The proposed body's responsibilities would include: - Monitoring and investigating unusual trading activity and auditing members - Implementing cross-market surveillance and user protection measures - Establishing market surveillance regulations and handling disciplinary actions against member firms and their employees While South Korea's Financial Services Commission (FSC) expressed agreement with the proposal's intent, it voiced concerns about the potential for overlapping roles with the existing Financial Supervisory Service (FSS).