#Cryptocurrency | #SouthKorea | #Bitcoin
Cryptocurrency may begin to enjoy trading atmosphere in South Korea just as the Financial Supervisory Service (FSS), the country’s primary financial regulator, is softening pedal on regulations.
The new governor of FSS Yoon Suk-heun spoke shortly after his appointment was approved by President Moon Jae-in that he’d look at revising some regulations applied to the cryptocurrency market.
Yoon, who is a visiting professor at Seoul National University, has been described by his admirers as a “reform-minded” activist with experience as a bureaucrat in the country.
“Regarding cryptocurrencies, there are some positive aspects…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,” he was quoted as saying by The Korea Times
In September 2017, the regulatory body, FSS, issued stringent warnings aimed at curtailing the rampaging Initial Coin Offerings (ICOs) in South Korea.
ICOs were used as medium of fraud in 2017 on social media platforms to rake in millions of dollars in shares. Facebook was the first to ban crypto-related ads on its platform.
By January 2018, there was a ban on all anonymous cryptocurrency trading by mandating the use of real-name trading accounts.
Though Yoon declined to elaborate on the possible regulatory changes the FSS would consider for crypto exchanges, he however stated clearly that:
“The newly softened stance comes at a time when a group of lawmakers led by a politician from Korea’s ruling party is working on a new bill to legalize ICOs in South Korea after last year’s ban.”
The new FSS chief Yoon Suk-heun is expected to resume his new post on Tuesday, May 8.
It is also expected that the new FSS boss will speak to newsmen on his plans to revive crypto trading in Korea.