Chairman of the Financial Services Commission of South Korea: Will review the monopoly structure of the virtual asset market centered on Upbit

Kim Byung-hwan, chairman of the Financial Services Commission of South Korea, said that the monopoly structure of the virtual asset market centered on Upbit will be reviewed. During the national affairs inspection of the National Assembly Political Affairs Committee, Kim Byung-hwan responded to the questioning of lawmakers about the monopoly structure of Upbit. On the same day, the lawmaker pointed out that "Upbit, the largest virtual asset exchange in South Korea and the second largest in the world, is over-concentrated in one company and the monopoly system of Upbit began after cooperating with K Bank." He then said that Upbit's deposits account for a large part of K Bank's deposits, and the bank is about to go public. In response, Kim Byung-hwan said, "K Bank's listing review must have been fully reviewed," and added, "The Virtual Asset Committee will conduct a comprehensive review." (Einfomax)