FSC Vice Chairman Meets with U.S. SEC Commissioner

Kim So-young, Vice Chairman of the Financial Services Commission (FSC), recently met with Mark Uyeda, Commissioner of the U.S. Securities and Exchange Commission (SEC), to discuss the potential impact of non-bank financial institution (NBFI) prudential regulations on capital markets.

Both sides exchanged views on the potential impact of NBFI prudential regulations, currently being discussed by the Financial Stability Board (FSB), on capital markets, specifically from the perspective of their roles as capital market regulatory and supervisory bodies.

Commissioner Uyeda expressed interest in the regulatory trends concerning virtual assets in major countries, including South Korea. He inquired about the efforts South Korea is making to balance technological innovation using new technologies, such as blockchain, with user protection and financial stability.

In response, Vice Chairman Kim explained that the South Korean government is pursuing policies that maintain this balance through inter-agency collaboration. He noted that the Ministry of Science and ICT is focusing on blockchain technology innovation and industry development, while the FSC is prioritizing user protection and market order by implementing the Act on the Protection of Virtual Asset Users.

Additionally, Vice Chairman Kim expressed hope that both countries would continue to engage in active communication to build market trust in response to the evolving financial market order driven by technological innovations such as blockchain and artificial intelligence (AI).