Vice Chairman Kim Soyoung of the Financial Services Commission presided over the first meeting of the virtual asset committee with officials from related ministries and organizations and committee members from the private sector on November 6. As an advisory group set up by the Virtual Asset User Protection Act, the committee consists of 15 members from both the public and private sectors and meets on a quarterly basis to offer policy advise on the virtual asset market and related matters. At the beginning of the meeting, Vice Chairman Kim delivered opening remarks emphasizing the importance of striking a proper balance between innovation and stability, which has been a key priority of the government with the implementation of the Virtual Asset User Protection Act from July this year. At today's meeting, the committee discussed key market trends at home and abroad and the issues that need to be tackled to move ahead with the second phase enactment of legislation on virtual assets. In particular, the committee discussed the issue of whether to permit corporate entities to have access to and own virtual assets through the issuance of real-name accounts since demand for virtual asset-related business opportunities has been growing in diverse areas, such as issuance of non-fungible tokens, establishment of mainnet, and digital wallets. The committee also looked into potential risk factors and concerns over money-laundering when allowing corporate ownership of virtual assets.