South Korean Financial Authorities to Issue Virtual Asset Lending Guidelines in August

According to a report by Jinse Finance, citing Yonhap News Agency, the Financial Services Commission and the Financial Supervisory Service announced on July 31 that they will form a working group together with the Digital Asset Exchange Association (DAXA) and five virtual asset exchanges to develop guidelines for virtual asset lending services. The guidelines are expected to be released in August and will cover areas such as leverage usage regulations, eligible user groups, the range of assets that can be lent, and risk disclosures. Financial authorities have also requested that exchanges re-examine services that may pose risks of user losses or legal issues.