Korea Deposit Insurance Corporation to Develop Protection Measures for Virtual Assets

The Korea Deposit Insurance Corporation (KDIC) is pushing to establish protection measures for financial contract holders regarding virtual assets. At the launch ceremony of the 'Financial Contract Holder Protection Committee' held in Jung-gu, Seoul on the 3rd, the 'Roadmap for Financial Contract Holder Protection' was reviewed. The roadmap includes the establishment of 'protection measures for digital assets' and plans to examine and specify protection gaps. It consists of three main directions: △ activation of an organization-wide promotion system led by the head of the institution △ establishment of a broader and thicker protection system △ strengthening protection services that the public can feel. Five promotion strategies and 20 detailed tasks have been prepared, which include not only protection measures for digital assets but also the organization of protected targets and improvements to the designation system for protected financial products. The KDIC plans to promptly implement tasks that can be carried out independently and to promote institutionalization of tasks requiring legislative amendments in consultation with the government and the National Assembly. During the meeting, the necessity of protection measures in response to the potential introduction of digital assets such as stablecoins was also raised. KDIC President Kim Sung-sik emphasized the importance of proactively identifying risk exposures due to changes in the financial environment.

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