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According to Techub News, the Korea Herald reported that the Financial Services Commission and the Financial Supervisory Service of South Korea have today established a working group with the Digital Asset Exchange Association (DAXA) and five encryption exchanges, and held its first meeting aimed at developing the "Guidelines for Virtual Asset Lending Services."
The working group will integrate overseas regulations, stock market regulations, and the characteristics of the Korean market to formulate a basic regulatory system. The guidelines are expected to cover content such as leverage, target clients, scope of borrowable assets, user education, and risk disclosure, and will also discuss internal control standards for exchanges. Financial regulatory authorities also require exchanges to reassess high-risk services. The authorities plan to release the guidelines next month and reflect them in the second phase of virtual asset legislation.