South Korea’s Financial Supervisory Service change its stance on cryptocurrency

South Korea’s Financial Supervisory Service’s [FSS] newly appointed governor said that he sees some positive aspects to cryptocurrencies in a press conference on, May 6th. The local news outlet, The Korea Times reported that the governor also said the FSS will be working on cryptocurrency regulatory issues in collaboration with other regulators.

The governor, Yoon Suk-heun, who will officially begin work on May 8th, said that better cryptocurrency regulation would produce the kind of secure financial system that makes crypto-related products more accessible.

After South Korea banned anonymous trading on domestic crypto exchanges in December, rumors circulated that an all-out cryptocurrency ban in the country was imminent. This is a claim denied by South Korea’s Finance Minister in January.

Yoon dodged the question about how the FSS will deal with domestic crypto exchanges, he replied saying:

“There are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually.”

VP of South Korean cryptocurrency exchange Bithumb Lee, Jeong-ah told The Korean Times:

“After the non-anonymous trading ban was introduced which also banned non-resident foreigners and South Korean citizens under 18 from trading the daily transactions of cryptocurrencies plummeted to around 400 billion won from 4 trillion won before the financial regulators implement the new regulation.”

A spokesperson from South Korean crypto exchange UpBit told The Korean Times:

“We don’t oppose regulations, 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.”

Earlier in March of this year, South Korean government officials were banned from both trading and holding cryptocurrencies. More recently, in one of the first more friendly moves towards the crypto-sphere, a group of South Korean lawmakers introduced a bill to make the domestic launch of Initial Coin Offerings [ICO] legal, all be it supervised strictly by the Ministry of Science and ICT and the Financial Services Commission [FSC], which directs the Financial Supervisory Service [FSS].

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