South Korea establishes a regulatory task force for crypto lending, plans to release guidelines for "cryptocurrency lending services" next month

ChainCatcher news, according to Yonhap News Agency, the Financial Services Commission and the Financial Supervisory Service of South Korea today jointly established a task force (TF) with the Digital Asset Exchange Association (DAXA) and five cryptocurrency exchanges, and held its first meeting aimed at formulating "guidelines for virtual asset lending services."

The authorities plan to introduce the guidelines next month and reflect them in the second phase of virtual asset legislation. The task force will integrate overseas regulations, stock market regulations, and the characteristics of the Korean market to develop a basic regulatory framework. The guidelines are expected to cover leverage, target service users, the scope of lendable assets, user education, and risk disclosure, and will also discuss internal control standards for exchanges. The financial regulatory authorities also require exchanges to reassess high-risk services.