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South Korea Financial Services Commission Leads Establishment of Virtual Asset Loan Service Working Group, Expected to Release Guidelines Next Month
Summary: According to reports from Yonhap News Agency, the South Korea Financial Services Commission, along with the Financial Supervisory Service, today joined forces with the Digital Asset Exchange Association (DAXA) and five major cryptocurrency exchanges to establish a Virtual Asset Loan Service Working Group (TF) and hold its first meeting, planning to develop relevant regulatory guidelines. ...
According to reports from Yonhap News Agency, the South Korea Financial Services Commission, along with the Financial Supervisory Service, today joined forces with the Digital Asset Exchange Association (DAXA) and five major cryptocurrency exchanges to establish a Virtual Asset Loan Service Working Group (TF) and hold its first meeting, planning to develop relevant regulatory guidelines. The guidelines will reference overseas and local regulatory experiences, covering aspects such as leverage ratios, service targets, range of assets available for borrowing, user education, risk warnings, as well as examining internal control standards and high-risk services within the exchanges. The guidelines are expected to be released next month and will be incorporated into the second phase of virtual asset legislation process.
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Link: South Korea Financial Services Commission Leads Establishment of Virtual Asset Loan Service Working Group, Expected to Release Guidelines Next Month [Copy]
