Financial Services Committee Vice Chairman Meets With U.S. SEC Commissioner

Kim So-young, vice chair of the Financial Services Commission, and Mark Uyeda, senior commissioner of the U.S. Securities and Exchange Commission (SEC), met to discuss the impact of the proposed regulation of non-bank financial institutions and trends in virtual asset regulation.

The two sides exchanged opinions on the possible impact on capital markets of the proposed prudential regulation of non-bank financial institutions (NBFIs) under discussion by the Financial Stability Board (FSB).

Commissioner Uyeda expressed interest in South Korea’s efforts to balance technological innovation and user protection, and Vice Chair Kim explained that the South Korean government is pursuing a balanced policy through inter-ministerial collaboration.

In particular, the Ministry of Science and ICT is responsible for fostering blockchain technology innovation and industry growth, while the Financial Services Commission is implementing the Virtual Asset User Protection Act, which focuses on user protection and maintaining market order.

Kim emphasized that he hopes for active communication between the two countries to respond to the new financial market order brought about by technological innovation. The meeting can be seen as an important example of international efforts to find a balance between virtual asset regulation and technological innovation.

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