Vice Chairman Kim Soyoung of the Financial Services Commission delivered a welcoming speech at an international conference on digital money jointly hosted by the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission and the International Monetary Fund in Seoul on December 14. In his speech, Vice Chairman Kim discussed global regulatory movements and relevant policy developments on virtual assets in Korea. Considering that transactions in digital money often take place unbounded by national borders, Vice Chairman Kim said that international cooperation needs to be strengthened to establish an effective regulatory system.