Ulaanbaatar
Chairman of the State Great Khural Worked at the FRC
Politics
Ulaanbaatar, February 2, 2023 /MONTSAME/. G. Zandanshatar, Chairman of the State Great Khural of Mongolia,
worked at organizations that report directly to the State Great Khural during
the break of the session. On January 31, 2023, he worked at the Financial
Regulation Commission and met with the management team.
At the beginning of the meeting, the Chairman of the State Great
Khural G. Zandanshatar said, "The law on the legal status of the Financial
Regulatory Commission was approved in 2005. There is an urgent need to review
the industry model by evaluating the current market conditions and global
trends, and to redevelop and improve the legal framework in accordance with
modern requirements”
In particular, he
reminded the management team to protect stakeholders and citizens from possible risks by
properly disseminating and informing the public about the virtual capital
market, its stakeholders, and products, better known by the names of tokens and
coins.
“As a regulatory organization of this industry, FRC should
establish a working group with the government organizations to perform
investigations and compile information, such as information on the number of
coins and tokens, the number of funds collected, and the information of those
who are providing virtual asset services” he continued.
The FRC management team
was tasked to submit a report on whether there is someone who has an ownership
relationship with non-banking financial institutions from the management team
of the Financial Regulatory Commission and form a working group to investigate
issues related to the virtual capital market.
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