South Korea's financial regulator plans to issue a guide to "cryptocurrency lending services" next month

According to Foresight News, according to Yonhap News Agency, the Korea Financial Commission and the Financial Supervisory Agency jointly established a working group (TF) with the Digital Asset Exchange Association (DAXA) and five crypto exchanges, and held its first meeting to develop a "Guidelines for Virtual Asset Lending Services." Authorities plan to issue guidelines next month and reflect them in Phase 2 legislation on virtual assets. The working group will formulate a basic regulatory system in the comprehensive overseas supervision, stock market supervision and Korean market characteristics. The guide is expected to cover leverage, service objects, loanable assets scope, user education and risk notification, and will also discuss the exchange's internal control standards. Financial regulatory authorities also require exchanges to re-examine high-risk services.
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