Incoming South Korean Financial Watchdog Agency Head May Consider Easing Crypto Rules

May 7, 2018 6:09 pm Published by

In a complete reversal of previous government policies, CoinDesk reported the new head of the South Korean financial watchdog agency, the Financial Supervisory Service (FSS), hinted to reporters Monday at his inauguration the agency may consider easing rules for exchanges, according to The Korea Times.

Considered a reformist, Yoon Suk Heun, the incoming governor of the agency, said, “Regarding cryptocurrencies, there are some positive aspects,” the report said.

He promised improving regulations would produce a more stable financial system with better services and products, the report said.

Yoon declined to speak in specifics about any regulatory changes the FSS is mulling for cryptocurrency exchanges, CoinDesk reported, instead deferring any decisions to a later date citing the time needed for the process to be finalized.

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

Yoon officially becomes a governor of the regulator on Tuesday, the report said.

The news comes after a late 2017 crackdown on domestic cryptocurrency trading at the end of last year, the report said, mandating real-name verification of exchange users as of the end of January 2018.

Since then, the FSC has been conducting inspections at exchanges to ensure they are complying with the anti-money laundering rules, CoinDesk reported.

In March, reports said South Korea’s ban on initial coin offerings (ICOs) —  brought in by the country’s Financial Services Commission last September – could soon be eased, the report said.

According to another Korea Times report last week, a group of lawmakers hope to have a bill approved this year legalizing ICOs “under the government’s supervision,” the report said., Jack Durschlag

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