• The Financial Supervisory Service of South Korea is creating new instruments to continuously monitor crypto threats.
• FSS Governor Lee Bok-hyun reportedly disclosed that the agency plans to develop crypto monitoring tools and regularly inspect the risks associated with crypto assets.
• Data security, the FSS director emphasized, „is more crucial than anything else in order to prevent hazards in the virtual asset market.“
The Korean Financial Supervisory Service (FSS) is taking steps to ensure the safety of cryptocurrency investments in the country. In a recent conference, FSS Governor Lee Bok-hyun announced that the agency is creating new tools to monitor crypto threats.
Lee explained that the agency must have access to data in order to identify potential risks associated with crypto assets. To this end, the FSS plans to develop crypto monitoring tools and regularly inspect the risks. This will help the FSS keep an eye on the crypto market’s potential to disrupt the traditional financial system.
The governor also stressed the importance of data security for preventing hazards in the crypto market. He believes that data security is more important than anything else when it comes to preventing dangers in the virtual asset market.
In addition, the FSS is preparing a number of efforts for the risk management of the virtual asset market this year. This includes new disclosure requirements for crypto exchanges, as well as measures to protect investors from fraud and malicious activities.
The FSS is committed to ensuring the safety of cryptocurrency investments in South Korea. With the development of crypto monitoring tools and regular risk assessments, the FSS will be able to identify threats and protect investors from potential losses. In addition, new disclosure requirements and security measures will help ensure the integrity of the crypto market and protect investors from fraud.