Financial Supervisory Service: "Digital, AI and virtual assets spread... the need for international supervisory cooperation has grown"

The Financial Supervisory Service emphasized that cooperation among international supervisory authorities is becoming increasingly important amid digital transformation and the spread of virtual assets (cryptocurrencies).

According to the industry on the 19th, Park Chung-hyun, Deputy Governor of the Financial Supervisory Service, said in welcoming remarks at the Supervisors' Meeting, "As the rapid spread of virtual assets, the digitalization of finance, the adoption of AI technology, and geopolitical risks combine, the complexity of the financial supervisory environment is increasing." He emphasized, "Sharing experiences and cooperation among supervisory authorities of each country are more important than ever to respond to such changes in the environment."

Meanwhile, the Supervisors' Meeting is the first meeting held since 2017. Nine supervisors from five institutions in four countries, including Japan's BOJ and FSA, Indonesia's OJK, Myanmar's CBM, and Cambodia's NBC, attended. The FSS plans to use this consultation as an opportunity to strengthen cooperation with overseas supervisory agencies and to stably support the overseas expansion of domestic financial groups.