Director of the Financial Supervisory Service of South Korea: The impact of the virtual asset market is limited but will continue to expand

According to Foresight News, Lee Hyun-deok, director of the Virtual Asset Supervision Bureau of the Financial Supervisory Service of South Korea, said at the Seoul Fintech Week 2024 event that although the current impact of the virtual asset market on financial stability is limited, it is expected to continue to expand in the future.

Regarding the regulatory gaps in the recently implemented (Virtual Asset User Protection Act), Lee Hyun-deok emphasized that it should be filled by strengthening industry self-regulatory norms.