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South Korea's Financial Supervisory Service (FSS) plans to develop new tools to monitor the risks associated with digital assets as early as this year.
FSS Governor Lee Bok-hyun said that the regulator is currently lackingHowever, the FSS expects that the link between the cryptocurrency marketAnd the traditional market will be strengthened, which will allow regulators to apply the already familiar tools of a relatively new industry.
So far, FSS believes that its main task is to protect user data.In the future, the regulator plans to establish new rules for the disclosure of information related to digital assets.Hyun also stressed that now not a single South Korean company providescryptocurrency services directly.
"Despite the fact that the cryptocurrency market is inexorably growing, we do not observe a significant impact on the stability of the financial system.However, the size of the domestic cryptocurrency market has increased, and its impact mayincrease dramatically," Hyun says.
Earlier, South Korea's Ministry of Science and Information Technology (MSIT) published a strategy for the development of Web3 and metaverses, as well as ethical guidelines for industry operators.
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