Domestic virtual asset exchange Korbit announced on the 12th that it has signed a Memorandum of Understanding (MOU) for mutual exchange related to virtual assets with the Korea Deposit Insurance Corporation.
Korbit became the first among the top five Korean won market exchanges in Korea to sign this MOU with the Korea Deposit Insurance Corporation. The main contents include establishing processes for investigating virtual assets related to financial insolvency parties and compulsory execution, as well as sharing the latest information and knowledge related to virtual assets.
Accordingly, Korbit plans to promote joint research with the Korea Deposit Insurance Corporation to establish investigation and compulsory execution processes for virtual assets, and also conduct virtual asset-related education for the Korea Deposit Insurance Corporation employees centered around the Korbit Research Center, ensuring that the MOU leads to practical results. Through this MOU, it is expected to reduce the possibility of asset concealment through virtual assets by parties related to financial insolvency and improve the efficiency of fund recovery.
Sejin Oh, CEO of Korbit, stated, "It is meaningful that Korbit can participate in the Korea Deposit Insurance Corporation’s virtual asset-related work." He added, "Korbit’s strengths lie in the sound operation of the exchange and the insights of the Korbit Research Center, a leading think tank in the virtual asset industry, and we will strive to contribute to strengthening the Korea Deposit Insurance Corporation’s capabilities in virtual asset-related work by leveraging these strengths."
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