South Korea's FSS Exempts VASPs from Penalties for Reporting Market Manipulation

The Financial Supervisory Service (FSS) in South Korea has issued a no-action letter that exempts virtual asset service providers (VASPs) from certain penalties under the Credit Information Act. According to NS3.AI, this exemption is applicable when VASPs report suspected market manipulation or unfair trading to the Financial Services Commission (FSC) or FSS, or when they provide investigative data. The letter ensures that these exchanges are protected from legal consequences, provided their actions adhere to the specified guidance.