FSC Chairman Unveils Plan to Establish a Robust Virtual Asset Market Environment

IconCryptoNewsTerminal Staff24 Jul, 2024

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FSC Chairman Unveils Plan to Establish a Robust Virtual Asset Market Environment

The Financial Services Commission (FSC) Chairman, Lee Bok-hyun, has announced plans to establish a sound virtual asset market environment in South Korea. During his business report to the 22nd National Assembly, Lee emphasized the need to support inspections of major players and introduce self-regulation to ensure market integrity. In line with the recently implemented Virtual Asset Utilization Protection Act, the FSC aims to foster a transparent and accountable virtual asset market. Lee also highlighted the importance of innovation in the financial industry and pledged to enhance security regulations, including network separation and autonomous security systems for financial institutions. These measures are intended to strike a balance between encouraging innovation and safeguarding consumers. The FSC's commitment to a robust virtual asset market environment is expected to provide clarity and stability for businesses and investors alike. By addressing concerns related to market manipulation and security, the FSC aims to promote the responsible adoption and growth of virtual assets in South Korea.

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