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Korea to relax measures against cryptocurrency under new FSS leader

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The new president of Korea's largest financial regulator would have confirmed that the authority would seek to relax regulations on the domestic cryptocurrency trade.

Speaking to reporters Sunday after being approved by President Moon Jae-in to head the Financial Supervisory Service (FSS), new governor Yoon Suk-heun said the regulator would revisit some regulations applied to the cryptocurrency market. Times reports.

Yoon, a visiting professor at the Seoul National University, was appointed by the Financial Services Commission (FSC), the financial regulatory authority of Korea, to head the FSS, which he said. he leads. The new governor is considered a "reformist" activist with experience as a bureaucrat in the country.

He told reporters:

Regarding cryptocurrencies, there are some positive aspects … The FSS will collaborate with the FSC when an inspection on policies and financial institutions will have different configurations associated with fields. Different application. The FSC inspects the policies, while the FSS reviews and supervises the financial institutions, but under the supervision of the FSC.

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As reported in September, the FSS notably issued the order to completely ban the initial offers of coins (ICO) in South Korea. In January, the FSC imposed a ban on all anonymous cryptocurrency exchanges by requiring – between the crypto exchanges and the banks that provide them services – the use of real name trading accounts.

This last measure, considered a measure that would curb anonymous trade while encouraging KYC-based practices in the industry, has rather shaken the market.

"Markets were waiting for the introduction of the real name registration system to be helpful in reviving trade, but these efforts failed because local banks were reluctant to invite more cryptographic traders, "said a Bithumb official at the Korea Times.

Yoon declined to elaborate on possible regulatory changes that the FSS would consider for cryptographic exchanges when it would be interviewed by reporters, stating:

There are many problems to deal with and examine. We can understand them but gradually.

 South Korea Bitcoin Ethereum Cryptocurrency "width =" 1000 "height =" 667
The incoming FSS leader could make regulations encouraging encryption in South Korea.

The newly softened position comes at a time when a group of legislators led by a ruling party politician in Korea is working on a new bill to legalize ICOs in South Korea after the Last year 's ban.

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The new FSS leader, Yoon Suk-heun, will take office on Tuesday, May 8th. The subject of crypto-currencies and ICOs will certainly come back when Yoon's fields will be questioned at a press conference tomorrow.

Featured image from YouTube / ARIRANG NEWS.

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