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Softer Tone on Cryptos From New Korean Financial Watchdog Chief

The new governor of South Korean Financial watchdog has taken a softer tone on cryptos and has also hinted that his agency may ease the rules for exchanges.

Yoon Suk- Heun, the incoming governor of the Financial Supervisory Service (FSS), is considered as the reformist of the country. Heun told the reporters at the inauguration that there are many positive aspects of digital currency exchange. Adding to which he also said that improved regulations would lead to stable financial services and better products and services.

Yoon didn’t want to talk about the regulatory changes in detail and said that the process would take time. “There are a lot of issues that need to be addressed and reviewed, but we can understand them gradually,” he said. Yoon has already commenced his work from Tuesday, 8th May, after the inauguration ceremony on Monday, 9th May.

At the end of January 2018, mandating real-name verification of exchange users was done, after the country cracked down on domestic cryptocurrency trading at the end of last year.

Inspections at exchanges to check whether they are complying with anti-money laundering rules are done by the Financial Services Commission (FSC). The FSC is also to ease the ban on South Korean Initial Coin Offerings (ICO) as reported in March.

Last week Korean Times also reported that a group of lawmakers hopes to have a bill approved, which will legalize ICOs “under the government’s supervision.”

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