Category Archives: Financial Sevices Commission

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New South Korean Regulator Positive on Crypto

President Moon Jae-in has sworn in a new governor to head South Korea’s Financial Supervisory Service (FSS) after he was nominated by the country’s Financial Sevices Commission last week, reports Cointelegraph.

The new governor, Yoon Suk-heun, has already made encouraging comments regarding the regulation of cryptocurrencies in the Asian country. At a press conference on 6 May, he suggested that cryptocurrencies have some “positive aspects”.

Since last September’s government ban, when South Korean regulators expressed “serious concern” about markets being pushed towards non-productive speculation, there have been numerous calls for the government to legalize ICOs. Since then, many South Korean companies have raised their funds through ICOs overseas.

Yoon officially begins working in his new role on 6 May and has promised that the FSS will be working on regulatory issues with other regulators, according to the Korea Times, saying “there are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually”.

The new governor expressed a positive feeling that better regulations would create far more stability in the financial system, improving serviceability of both products and services. This could be achieved by adjusting current regulations to make them more effective.

Since the recent ban, trading has plummeted, with daily transactions of cryptocurrencies falling from a  figure of KRW 4 trillion (USD 3.7 billion) to KRW 400 billion (USD 371 million), according to Bithumb’s  Lee Jeong-ah. Crypto Exchange UpBit commented:

“But you can’t entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better.”

Bitcoin News reported that in recent days that Ruling Democratic Party member Hong Eui-rak and 10 other legislators joined together to draft a bill to lift the current ban, after a rumor that legislation was being eased earlier this year was later denied by the South Korean Government.

 

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