South Korea's Financial Services Commission considering introducing market maker system for virtual assets

PANews, September 28 – According to Digital Asset, Yoo Young-jun, Digital Finance Policy Officer at South Korea's Financial Services Commission (FSC), said the FSC is considering introducing a market maker system for the virtual asset market to improve market efficiency and stability. Although the current Virtual Asset User Protection Act prohibits market-making activities, this move indicates that the FSC intends to revisit and consider introducing the mechanism in the second phase of the legislative process. Yoo also mentioned that exchanges need sufficient capital and operational capabilities, and core functions (trade execution, trading support, abnormal transaction monitoring, etc.) may shift from self-regulation to public regulation; governance rules related to major shareholders and management are expected to be strengthened; and after the bill takes effect, it is expected to promote business diversification, the establishment of a trustworthy trading environment, a digital asset issuance and disclosure system, a Korean won stablecoin, and strengthened user protection.