FSC Holds Security Enhancement Meeting with Virtual Asset Service Providers

Strengthening Security for Virtual Asset Service Providers
Five Won-Based Companies, Including Upbit and Bithumb, Join the Financial Security Institute
Laying the Foundation for a Professional Security System in the Financial Sector

Daeyoung Kwon, Secretary General of the Financial Services Commission (center), presided over a financial security meeting held on the afternoon of the 15th at the Financial Security Institute Education Center in Yeouido, Seoul, together with related financial security organizations including the Financial Services Commission, Financial Supervisory Service, Financial Security Institute, Korea Financial Telecommunications and Clearings Institute, and Korea Exchange. Photo by Financial Services Commission.

The Financial Services Commission announced that it held a meeting to strengthen financial security in the financial sector on May 15 in Yeouido, Seoul, presided over by Secretary General Daeyoung Kwon, together with related financial security organizations including the Financial Supervisory Service, Financial Security Institute, Korea Financial Telecommunications and Clearings Institute, and Korea Exchange.

On the occasion of this meeting, five won-based virtual asset service providers joined the Financial Security Institute as members. They will now receive support for a range of security services at the level of the financial sector, including security monitoring, information sharing on suspicious transactions, and prevention and response to security incidents, all provided by the Financial Security Institute.

Daeyoung Kwon, Secretary General of the Financial Services Commission, emphasized, "As we pursue the establishment of the 'Second-Phase Virtual Asset Act,' which includes the creation of a regulatory framework for stablecoins and the segmentation of business operators and entry requirements to foster the virtual asset ecosystem, the establishment of a double- and triple-layered, airtight security system?on top of the efforts made by virtual asset service providers themselves?is a prerequisite for institutional improvement."

He added, "The membership of these virtual asset service providers in the Financial Security Institute is seen as laying the foundation for the establishment of a professional security system."