New head of South Korean Financial Regulator Promises Friendly Approach towards Cryptocurrency

New head of South Korean Financial Regulator Promises Friendly Approach towards Cryptocurrency

News Regulation
May 7, 2018 by Henrik Bliss
1941
Yoon Suk-heun, the newly appointed chairman of South Korea’s Financial Supervisory Service (FSS) has promised to consider relaxed cryptocurrency regulation. Speaking at the press-conference after his official appointment, Governor Yoon Suk-heun said he sees “some positive aspects” to cryptocurrencies and that the country’s top financial regulator will consider relaxing cryptocurrency regulations, the Korea Times reported.  “Regarding
New FSS Head Promises Friendly Approach towards Cryptocurrency

Yoon Suk-heun, the newly appointed chairman of South Korea’s Financial Supervisory Service (FSS) has promised to consider relaxed cryptocurrency regulation.

Speaking at the press-conference after his official appointment, Governor Yoon Suk-heun said he sees “some positive aspects” to cryptocurrencies and that the country’s top financial regulator will consider relaxing cryptocurrency regulations, the Korea Times reported.

 “Regarding cryptocurrencies, there are some positive aspects,” the new FSS head said.

“The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.

While South Korea banned anonymous trading in December and was rumored to implement a complete ban on crypto assets, Yoon Suk-heun believes that better regulation for digital assets will add security to the financial system and make crypto-related products more accessible.

Yoon is known for his active position and a knack for progressive reforms, which means that changes in cryptocurrency trading are likely to have a positive effect on the industry. He did not elaborate on the ways FSS is going to regulate domestic cryptocurrency exchanges, but mentioned that there are certain issues that need to be “addressed and reviewed”.

Yoon Suk-heun will officially begin working in his new capacity on Tuesday, May 8.

Meanwhile, market reaction is muted so far as all major coins are deep in red, reversing the gains of the previous week. The sell-off still qualifies as a natural correction, but some large coins has come close moving close to critical support levels. Thus, Bitcoin is trading at $9,300 after dipping to $9,220 during Asian hours. Ethereum slumped to $750, while Ripple has settled at $0.820

 

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