South Korea will apparently appoint a new chief for their main regulatory body of cryptocurrencies by the South Korean President. Recently, he has publicly announced that he has given thought to relaxing crypto regulations to help businesses grow in this sector.
The South Korean Financial Supervisory Service (FSS) supervises financial institutions to ensure they operate in a safe and sound manner, serve consumers, and comply with laws and regulations.
This Tuesday, there will be a new governor of the FSS. President Moon Jae-in has backed the nomination of Yoon Suk-Heun to be the man in charge of the government agency supervising cryptocurrency regulations. Yoon will be taken over by former FSS head Kim Ki-sik, who resigned from this position. Mr. Suk-heun will officially begin working as the FSS chief on May 8. His nomination was passed on to the FSS by the South Korean Financial Services Commission (FSC), an agency that falls under the FSS.
The Korea Time news outlet stated that Governor Yoon Suk-heun said the country’s top financial regulator will consider relaxing cryptocurrency regulations. Also, he has previously hinted at a possible adjustment of regulations that have been applied to the cryptocurrency market. The news outlet also described Yoon as being known as an activist and reformist.
Yoon spoke to reporters stating that regarding cryptocurrencies, there are some positive aspects. He also stressed that there are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually.
Shedding light on the responsibilities of the FSS and FSC, Yoon stated that the FSS will collaborate with the FSC when an inspection of policies and financial institutions has different configurations associated with different scopes. He continued with: FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.
On the 31st of January, during an industry program, Yoon put his thoughts into words concerning the position of the government on cryptocurrencies, with their given high volatility. On the other hand, Yoon stated that the government is saying cryptocurrencies are neither currency nor financial assets, that is hard to understand.
Yoon’s final statement pointed out that: Regulation is good. However, it would be more than just good when it is used to help new businesses grow. Imposing taxes on crypto exchanges and investors need to be considered, if necessary.