[2021 Financial IT Forum] Kim Young-gi, President of the Financial Security Institute, "Metaverse Must Be Based on Secure Security"

"Double-Edged Sword with Potential for Misuse"
"Active Establishment of Legal and Institutional Foundations Needed"

[Asia Economy Reporter Kim Hyo-jin] Kim Young-gi, President of the Financial Security Institute (Chairman of the Financial Security Forum, pictured), stated on the 24th that "for economic activities within the metaverse to become full-fledged, safe security measures such as technical safeguards must be in place."

President Kim said this during his congratulatory speech at the 12th Asia Economy Financial IT Forum held at Lotte Hotel Seoul in Jung-gu, Seoul, in the morning. He remarked, "The metaverse world is like a double-edged sword where the real economy system and the current monetary system are difficult to control, making it a space where misuse is possible."

He also pointed out, "Personal information inevitably collected for interactions within the metaverse carries risks of being misused or leaked during the processes of data collection, processing, and utilization."

President Kim further explained, "If the use of the metaverse expands in the financial sector, there are concerns that digital inequality will deepen among generations unfamiliar with digital environments, and they may become vulnerable to new types of financial crimes."

He emphasized, "At this point, where the metaverse is an uncharted milestone, industry, academia, and research sectors must come together to proactively identify new issues and actively establish legal and institutional foundations."

The metaverse is rapidly emerging as a new platform leading ecosystems across all industries, including finance and IT. The global metaverse market size is expected to grow approximately tenfold in three years, from about 34 trillion won this year to about 330 trillion won in 2024.