The Bank of Korea plans to set up a dedicated virtual asset team aimed at shaping the country's cryptocurrency regulatory framework. This decision follows the appointment of Lee Ju-yeol, who is expected to guide the bank's policy towards digital assets amid increasing interest in cryptocurrencies. The establishment of the team reflects the bank's proactive approach in addressing the evolving landscape of virtual currencies and ensuring appropriate oversight. The initiative arises from the need to strengthen regulatory measures, especially given the rapid growth of the cryptocurrency market and the associated risks. Lee's leadership is anticipated to play a crucial role in formulating these policies, which are vital for maintaining financial stability and consumer protection in the context of emerging digital assets.

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