Financial Supervision Authority

New head of South Korea’s Financial Supervision Authority sees “positive aspects” in cryptocurrencies

The new head of South Korea’s Financial Supervision Service (FSS), Yoon Sukhyeun, said he sees “some positive aspects in cryptocurrencies,” during a May 6 press conference. The head of the service also noted that his department intends to tackle “problems in the regulation of cryptocurrencies” together with other responsible structures, writes Korea Times.

New head of South Korea’s Financial Supervision Authority sees “positive aspects” in cryptocurrencies

Yoon, officially taking office on May 8, said that the improvement regulation of cryptocurrencies will create a more secure financial system, thanks to which products based on digital assets become more accessible.

New head of South Korea's Financial Supervision Authority sees “positive aspects” in cryptocurrencies

At the same time, he chose not to answer directly the question of how his agency plans to regulate cryptocurrency exchanges, instead stating, “There are many problems that need to be addressed and resolved. We can solve them, but it will take time “.

Yoon is viewed by local analysts as a reformer and market activist who prefers to pursue discreet reforms to protect investors and grow business..

After introducing a number of restrictions on cryptocurrency trading in South Korea at the beginning this year, including a ban on anonymous trading and admission of foreigners and minors to trading, rumors appeared on the network that one of the largest digital currency markets could close completely following the example of China, but later local regulators denied this information.

However, “daily cryptocurrency transaction volumes have dropped from 4 trillion won to 400 billion won,” the vice president said. korean exchange Bithumb Lee Chongah in conversation with the publication.

Press secretary UpBit exchanges stated that they are not opposed to regulation, adding: “But you cannot completely kill the market by simply imposing restrictions. What the new FSS chapter should think about is what solutions regulators can provide to improve cryptocurrency trading and blockchain technology “.

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