The head of the U.S. Securities and Exchange Commission (SEC) met with the deputy chief of South Korea’s financial regulator Monday for talks on various issues, including regulations on virtual assets, officials said.

SEC Commissioner Mark Uyeda and Kim So-young, vice chair of the Financial Services Commission (FSC), met at the government complex in Seoul.

They first exchanged views on the potential impact of proposed rules for the financial stability of nonbank financial intermediation companies on the capital market, according to the FSC.

“Commissioner Uyeda then noted (he) is closely monitoring the regulations of major countries, including South Korea, on virtual assets, and asked about South Korea’s efforts to maintain a balance between consumer protection and financial stability, using new technologies, such as blockchain,” it said in a press release.

Kim said the country is working toward such a goal through close cooperation between related agencies, noting the science ministry is spearheading blo
ckchain-based technological innovations, and the FSC is pushing for related regulations while placing top priority on consumer protection and maintaining market order.

Source: Yonhap News Agency