Watchdog chief urges virtual asset exchanges to improve internal controls

The governor of the Financial Supervisory Service urged virtual asset operators to strengthen their internal controls, as the market has been in a slump in the first half of the year due to a series of accidents.

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A man in a suit speaks at a conference table with water bottles and microphones during a meeting.
Financial Supervisory Service Gov. Lee Chan-jin speaks during a meeting with virtual asset exchange operators in Mapo District, western Seoul, on July 2.

The chief of the country's financial watchdog said on Thursday that virtual asset market operators are urged to strengthen their internal control systems to help the market further develop.

In a meeting with the heads of Dunamu, Coinone and 13 other virtual asset exchange operators, Lee Chan-jin, the governor of the Financial Supervisory Service, said that the domestic virtual asset market has been in a slump in the first half of the year due to a series of accidents.

"To regain market confidence and shift toward an established market, operators need to strengthen their internal control," he stressed.

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Lee also said that the virtual market operators need to enhance their monitoring systems and IT infrastructure to detect distortions, boost market fairness and thus better protect customers.


Yonhap

south korea money lee chan-jin internal controls financial supervisory service business virtual asset exchanges

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