According to PANews, South Korea's Financial Services Commission and the Financial Supervisory Service have collaborated with the Digital Asset Exchange Association (DAXA) and five cryptocurrency exchanges to establish a task force. This group held its inaugural meeting with the aim of creating guidelines for virtual asset lending services. The task force will consider international regulations, stock market oversight, and the unique characteristics of the South Korean market to develop a foundational regulatory framework.
The guidelines are expected to address various aspects such as leverage, target service users, the range of lendable assets, user education, and risk disclosure. Additionally, the task force will discuss internal control standards for exchanges. Financial regulators have also urged exchanges to reassess high-risk services. Authorities plan to release the guidelines next month and incorporate them into the second phase of virtual asset legislation.