The government has tapped the Financial Services Commission(FSC) as the agency to oversee the domestic crytocurrency market.

A set of measures to manage virtual asset transactions was announced during a vice ministerial meeting on Friday chaired by Koo Yun-cheol, minister of the Office for Government Policy Coordination.

Under the plan, the FSC will be in charge of improving regulations and monitoring market players and exchange operators to ensure transparency in transactions.

A related task force operated by the policy coordination office will also include officials from the tax and customs services, considering the variety of crypto-related crimes.

Meanwhile, the Science and ICT Ministry will focus on developing blockchain technologies and fostering connected industries.

The government has also decided to extend a special crackdown on illegal virtual transactions by three months through September. It targets pyramid schemes, fraud, hacking and phishing scams.

The government will also go ahead with a plan to levy 20 percent tax on annual cryptocurrency profits exceeding two-point-five million won starting next year.