Targeting Coupang, FSS Governor Chan-Jin Lee States: “Distribution Platforms Will Be Supervised Like Financial Institutions”

[Financial News] In his New Year's address, Chan-Jin Lee, Governor of the Financial Supervisory Service (FSS), announced, "For large distribution platforms, we will work with relevant agencies to establish regulatory improvements, including a supervisory framework equivalent to that of financial institutions."
In his address on the 1st, Governor Lee emphasized, "As digital transformation accelerates, strengthening financial security and protecting digital asset users are more important than ever." His remarks are interpreted as a response to the recent incident involving Coupang's consumer information leak.
Governor Lee stated, "By enhancing the IT risk monitoring system in the financial sector, we will immediately activate inspection and response systems in the event of major incidents such as hacking or data breaches." He added, "We will actively support the enactment of the General Act on Digital Assets, and establish effective supervisory and investigative frameworks to ensure there are no blind spots in all processes, including the listing and disclosure of digital assets."
Although Coupang is not classified as an electronic financial business operator and is therefore not subject to direct supervision, the FSS recently joined a joint public-private investigation team, enabling oversight of Coupang's headquarters.
Governor Lee also expressed a firm stance against stock price manipulation. He noted, "Through the Joint Task Force for Eradication of Stock Price Manipulation, we will intensify and accelerate investigations into major cases. Upon detecting unfair or improper practices, we will promptly investigate, refer cases for prosecution, and enforce a zero-tolerance policy."
He further stated, "We will not neglect improvements to the capital market infrastructure, including enhancing access for foreign investors, strengthening financial statement reviews for large listed companies, and expediting the removal of zombie companies through stricter oversight of the Korea Securities Dealers Automated Quotations (KOSDAQ) market."
bng@fnnews.com Kim Hee-sun Reporter