Easing Cryptocurrency Regulation By South Korean Top Regulator

In South Korea a new Chi to lead has been appointed by the nation’s head of state to lead the country’s main regulatory body. According to NewsBitcoin.com, he is described as an “activist and reformist” and has been declared reportedly that he looking into the possibility of relaxing the crypto regulation to aid firms to expand in this industry.

Relax Crypto Regulations by New FSS Chief

On Tuesday, the South Korean Financial Supervisory Service (FSS) will have a new head. The nomination of Yoon Suk-heu to head the government agency responsible for regulating virtual currency activities in South Korea has been approved by the country’s President Moon Jae-in, subsequent to former governor Kim Ki-sik leaving the position, thus making it vacant.

As reported by the Korea Times, the Financial Service Commission which falls under the FSS submitted by the nomination of Yoon. The new governor is said to formally commence work in his new post as FSS chief on May, as reported by the Korea Times, quoting that “Governor Yoon Suk-heun said the country’s top financial regulator will consider relaxing cryptocurrency regulations.”

The news outlet also reported that previously “hinted at a possible adjustment of regulations that have been applied to the cryptocurrency market,” and was also describe as an “activist and reformist.”


Approach to Crypto by the New Head

In an interview, Yoon detail the news agency that “regarding cryptocurrencies, there are some positive aspects” stressing that “there are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually.”

Further talking on the responsibilities of the FSS and the FSC, he elaborated that the FSS will partner with the FSC during an assessment of financial institution and policies, that has alternative configuration connected with various scopes. FSC assess the policies, whilst the FSS  examines and monitors the financial institution, however, FSC will be responsible for overseeing the whole process.

On January 31st during a sectorial event, he shows his comprehension of the government stance on virtual currencies, given the high risk attached to these digital assets. Nevertheless, he also stresses, stating that “the government is saying cryptocurrencies are neither currency nor financial assets…[that] is hard to understand,” as reported by NewsBitcoin.com and also adding that “What I think is that exchanges are to function to meet the needs of investors and market participants, broadly…to help them keep trading and making transactions. Any forceful ban against them would hurt the nature of the market.”

Yoon also made mention of how the regulation is good but it would be better when it is utilized to aid and expand businesses, and if required, taxes on crypto exchanges and investors would be imposed.

An Upbit official (Upbit which is the biggest cryptocurrency exchange in South Korea) made a comment in relation to the new post occupied by Yoon stating that solutions should be provided by the New Chief of FSS on how to aid the improvement of the crypto trading and blockchain technology, respectively.


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