FSS chief urges crypto CEOs to bolster internal controls

Lee Chan-jin, the governor of South Korea's Financial Supervisory Service (FSS), has called on the CEOs of virtual asset service providers to establish company-wide internal control systems, Yonhap News reported. The directive aims to restore market trust following recent incidents, such as an erroneous Bitcoin payout at a local exchange. Governor Lee noted that while the virtual asset market stagnated in the first half of the year due to such issues, its user base is expanding, driven by initiatives involving stablecoins, the convergence of blockchain with traditional finance, and the development of a regulatory framework for asset tokenization.