South Korean Financial Supervisory Agency launches system upgrade to prepare refunds for victims of virtual asset voice phishing

According to SBS, the Financial Supervisory Service (FSS) of South Korea has launched an improvement project for the financial fraud compensation system, aiming to include virtual asset losses in the scope of compensation. The project plans to reform the existing Korean won compensation calculation system and will be implemented from October this year. The reformed system will adopt a compensation ratio, taking into account the type and quantity of virtual assets, as well as the Korean won exchange value at the time of suspension of payments.