[Bank of Korea: Institutionalization of Virtual Assets May Expand Connection with Financial Markets] In the Financial Stability Report for the second half of the year released on December 23, the Bank of Korea stated that the global push for the institutionalization of virtual assets is strengthening the connection between virtual assets and traditional financial markets. The report analyzed that factors such as the increased participation of corporations and institutional investors, as well as the introduction of spot ETFs, have significantly heightened the synchronization between virtual asset price fluctuations and the stock market. The spillover effect index indicates that shocks in the virtual asset market could impact traditional financial markets, particularly during periods of macroeconomic shocks or shifts in monetary policy. The Bank of Korea believes that, due to the domestic prohibition on corporate participation in the market and restrictions on the issuance of financial products, the current spillover effect in South Korea is relatively low. However, future institutionalization may expand the connection between virtual assets and financial markets, necessitating the establishment of a risk management system.