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How to Protect Financial Consumers in Virtual Asset Markets? Issues in Korea

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  • Kim Jabonn

    (Senior Fellow, Korea Institute of Finance 11-gil 19 Myoung-dong Chung-gu Seoul 04538, Republic of Korea)

Abstract

This paper is concerned with appropriate regulatory remedies to manage and control the overheated speculation and significant fraudulent activities in virtual asset markets in Korea. The cryptocurrency market has grown like skyrockets in size as measured by market capitalization and trading volume, particularly during this COVID-19 pandemic period. As the market has been growing too fast, regulatory responses haven’t been prepared and applied to the market in a timely matter, and a lot of speculative and fraudulent activities have risen under the regulatory shadow. In order to make the market develop soundly with integrity, appropriate regulatory measures should be introduced including externality checks and controls, securities and financial conduct regulations, strict investor identification, financial education, and financial consumer protection like in other banking and securities services.

Suggested Citation

  • Kim Jabonn, 2021. "How to Protect Financial Consumers in Virtual Asset Markets? Issues in Korea," International Review of Financial Consumers, Sciendo, vol. 6(2), pages 11-17.
    • Handle: RePEc:vrs:irfinc:v:6:y:2021:i:2:p:11-17:n:1002
    DOI: 10.36544/irfc.2021.6-2.2
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