South Korea will regularly examine crypto risks with new surveillance tools-regulation
South Korea will regularly examine crypto risks with new surveillance tools-regulation
South Korea's financial supervisory authority is developing new tools for regular monitoring of crypto risks. The regulatory authority warned that the effects of the cryptom market on the traditional financial system are still low, but could increase the risks that crypto is based on the country's financial stability.
The South Korean Financial Supervisory Service (FSS) plans the development of crypto monitoring tools and the regular review of the risks associated with crypto-assets, as FSS-GouVerneur Lee Bok-Hyun reported on Monday at a conference on the integration between the cryptom market and the traditional financial market. He was cited by local media with the words: The financial supervisory service is planning various initiatives for the risk management of the market for virtual assets. In terms of crypto monitoring tools, Lee said that the supervisory authority currently lacks data in order to identify potential risks of crypto, although the interweaving between the cryptom market and the traditional financial market is expected to increase. "In order to be able to react preventively to risks on the market for virtual assets, securing data is more important than anything," emphasized the FSS boss. In addition, Lee said that the regulatory authority is planning to introduce new crypto -related disclosure obligations. The FSS-Gouvenur found that no domestic financial company provides directly crypto-related services and added: Despite the growth of the market for virtual assets, the direct effects on the stability of the financial system are still low. If the size of the domestic cryptom market, however, increases significantly, could increase its effects on financial stability, Lee. Korean regulatory authority develops crypto monitoring tools
Effects of the cryptom market on the traditional financial market
