Financial Services Commission cheif Kim Byung-hwan, left, speaks during a meeting at the Seoul Startup Hub Gongdeok, Mapo District, Seoul, Nov. 19. Yonhap

The Financial Services Commission (FSC) chief said Sunday the government needs to closely monitor unfair transactions in the cryptocurrency market.

"The price of virtual assets has recently been shooting up in a very short period of time, and with heavy volatility of the market itself, the government needs to closely monitor possible unfair transactions," FSC Chairman Kim Byoung-hwan told public broadcaster KBS.

Last week, the combined value of transactions in the domestic virtual asset market surpassed that of the Korean stock market.

Regarding the country's policy direction on cryptocurrency, Kim said the priority is on connecting the virtual asset market with the traditional financial system and protecting its investors. (Yonhap)