PANews reported on May 11 that, according to Edaily, the Financial Security Institute (FSI) of Korea announced it will develop a dedicated security verification tool for smart contracts and advance three major projects: building a smart contract verification system and cultivating digital asset professionals. This verification tool will automatically detect major vulnerabilities in smart contracts of digital asset services such as tokenized securities and stablecoins, focusing on high-risk vulnerabilities in financial services such as reentrancy attacks, access violation errors, and missing collateral verification. It will also continuously update customized inspection standards based on the domestic financial regulatory environment.

The Institute for Financial Security will also develop verification procedures and standards covering the entire process of smart contract development, deployment, and operation, publish the "Smart Contract Security Guide" for member companies, and share professional knowledge on smart contract security through seminars, negotiation groups, and other means.