South Korea FSS overhauls system for crypto fraud reimbursements
By: rootdata|2026/08/10 03:29:23
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Prefer us on GoogleSouth Korea’s Financial Supervisory Service has initiated a system overhaul to include crypto-related voice phishing and financial fraud losses in victim reimbursements. On Aug. 6, the regulator announced a project to improve the financial fraud victim reimbursement system. This initiative aims to revise the current won-based reimbursement calculation framework to accommodate virtual asset losses starting in October. The existing system primarily calculates reimbursement amounts based on losses in won, but the new approach will incorporate reimbursement ratios and consider the type and quantity of virtual assets involved. Additionally, the won-converted value at the time of payment suspension will be taken into account.
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