Chairman of the State Great Khural Worked at the FRC

2023-02-02 10:06:13

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.