“Preventing a Bithumb Crisis”… FSC, FIU, FSS, and DAXA Launch Emergency Response Team
On the 11th, immediately following the recent “Bitcoin overpayment” incident at cryptocurrency exchange Bithumb, an emergency response team composed of the Financial Services Commission, the Financial Intelligence Unit, the Financial Supervisory Service, and DAXA announced the launch of a “Task Force for the Advancement of Internal Controls” to alleviate concerns in the virtual asset market and strengthen system stability across the industry.
In particular, the emergency response team shared the view that the incident should serve as an opportunity to comprehensively review the overall internal control systems of all virtual asset exchanges and plans to devise measures to enhance self-regulatory frameworks and strengthen their enforcement.
More specifically, key tasks under discussion include ▲ identifying corrective measures to prevent recurrence and upgrade systems ▲ assessing ways to improve the effectiveness of current internal controls and self-regulation ▲ supplementing DAXA’s overall self-regulatory rules ▲ and establishing internal regulations for each operator based on the improved self-regulatory measures.
Kim Jae-jin, Executive Vice Chairman of DAXA, stated, “The virtual asset industry takes the concerns arising from this incident very seriously,” adding, “We are confident that the industry’s strong commitment to self-discipline will lead to the establishment of advanced internal control processes that can respond swiftly to unforeseen situations in the field and prevent recurrence.”
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses resulting from reliance on it. The content should be interpreted solely for informational purposes.*
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