Korea Financial Supervisory Service: Impact of Virtual Asset Market on Financial Stability to Continue to Expand

Speaking at the Seoul Fintech Week 2024 event on October 8, Lee Hyun-deuk, director of the Virtual Asset Supervisory Bureau of the Korea Financial Supervisory Service (KFSS), said that the virtual asset market is expected to continue expanding in the future, although its impact on financial stability is limited at present. In response to the regulatory gap in the recently implemented Virtual Asset User Protection Act (VUPA), Lee emphasized that it should be filled by strengthening the industry's self-regulatory norms.