FSC Chairman Koh Seung-Beom, to “Minimize the Damage to Investors in Virtual Assets”

Earlier today, Koh Seung-beom, the chairman of the FSC (Financial Services Commission)  spoke at the inauguration ceremony. This was held at the government complex in Seoul.

In his speech, Chairman Koh emphasized the importance of reducing the random damages happening in digital transactions. In addition, he ensured the market that he will give updates and relevant information in real-time. For now, FSC’s FIU (Financial Intelligence Unit) does this job. They update their website regularly about the status of virtual asset business reports.

Chairman Koh  also added that they will focus on the “international coherence and protection of people’s property rights” as well as giving “speedy review with relevant ministries and the National Assembly.”

Furthermore, reports stated that the virtual asset industry grew in the first half of this year. Because of this, the National Assembly proposed virtual asset rights and laws.

Regarding financial policy, Chairman Koh also expressed his take on the matter:

“The US Fed’s tapering, global interest rate hike and liquidity contraction are inevitable processes of ‘normalization of financial and monetary policy that will only become visible sooner or later,” he said.

He stressed that,

“The financial environment that has supported the rise in asset prices using leverage and the relentless expansion of private credit may no longer be possible,” he said. And we will focus our policy capabilities.”