Financial Services Commission(FSC) Chairman Eun Sung-soo said the government cannot protect everyone who invested in cryptocurrencies.

Speaking at a parliamentary committee meeting Thursday, Eun referred to the losses incurred by the investors in the recent trading frenzy.

He said his view on investor protection differs when it comes to trading in cryptocurrency. The FSC chair used the analogy of trading in fine art, saying that protecting art collectors do not necessarily fall under their purview.

Still, when lawmakers pointed out the need for regulatory measures, he acknowledged that the FSC needs to carefully consider on whether it should remain as onlookers, and that the commission is exploring the issue from all angles.