Kim Byung-hwan "Concerns about Monopoly with the Abolition of the 1 Exchange-1 Bank Policy... Needs Review"

Kim Byung-hwan, the Chairman of the Financial Services Commission, expressed a cautious stance on the abolition of the 1 Exchange-1 Bank principle proposed as a presidential campaign pledge by the People Power Party.

According to the industry on the 7th (Korean time), Chairman Kim stated at a monthly press conference held at the Government Complex Seoul in Jongno-gu, Seoul, that the pledge to abolish the 1 Exchange-1 Bank principle, which is a core part of the seven virtual asset promotion tasks announced by the People Power Party on the 28th of last month, was "a type of regulation introduced when it became a social issue," and "there are parts that need to be reviewed in the process of the financial authorities looking into it."

Specifically, Chairman Kim said, "There are concerns about the monopoly of some virtual asset businesses. Also, the basic intention of 1 Bank is to reduce the risk of money laundering," adding, "Furthermore, we are in a situation where we think we need to review and judge whether banks or virtual asset businesses have systems in place to prevent and monitor this."