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Author Topic: [2018-05-07] Korea to Relax Cryptocurrency Curbs Under New FSS Chief  (Read 29 times)
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May 07, 2018, 07:26:05 AM
 #1

The incoming head of Korea’s primary financial regulator has reportedly confirmed that the authority will look to ease regulations on domestic cryptocurrency trading.

Speaking to reporters on Sunday after being approved by President Moon Jae-in to lead the Financial Supervisory Service (FSS), new governor Yoon Suk-heun said the regulator will look at revising some regulations applied to the cryptocurrency market, the Korea Times reports.

Yoon, a visiting professor at Seoul National University, was nominated by the Financial Services Commission (FSC) – Korea’s financial regulator – to lead the FSS, which it directs. The new governor is seen as a “reform-minded” 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 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."

As reported in September, the FSS notably issued the ban order to completely curtail initial coin offerings (ICOs) in South Korea. In January, the FSC enforced a ban on all anonymous cryptocurrency trading by mandating – among both crypto exchanges and the banks providing services to them – the use of real-name trading accounts.

The latter move, seen as a measure that would curb anonymous trading while encouraging KYC-enabled practices in the industry, has dented the market instead.

“Markets expected the introduction of the real-name registration system would have been helpful to revive trading, but these efforts failed as local banks were reluctant to invite more crypto traders,” a Bithumb official told the Korea Times.

Yoon declined to elaborate on the possible regulatory changes the FSS would consider for crypto exchanges when queried by reporters, stating:

"There are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually."

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.

New FSS chief Yoon Suk-heun will begin his tenure at the job on Tuesday, May 8. The subject of cryptocurrencies and ICOs are certain to come up again when the Yoon fields questions during a press conference facing local and international media tomorrow.

https://www.ccn.com/korea-to-relax-cryptocurrency-curbs-under-new-fss-chief/


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May 07, 2018, 10:24:20 AM
 #2

This is more like a U turn where cryptocurrencies are concerned. Not only were ICOs banned, investing in cryptocurrencies were seen as a social evil. It was compared to gambling. A favourable stance by the regulators will definitely provide a boost to the price.


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May 08, 2018, 05:05:14 AM
 #3

I hope that Korea does the right thing here. They have a lot to contribute to cryptocurrency.

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May 08, 2018, 07:18:41 AM
 #4

The incoming head of Korea’s primary financial regulator has reportedly confirmed that the authority will look to ease regulations on domestic cryptocurrency trading.

Speaking to reporters on Sunday after being approved by President Moon Jae-in to lead the Financial Supervisory Service (FSS), new governor Yoon Suk-heun said the regulator will look at revising some regulations applied to the cryptocurrency market, the Korea Times reports.

Yoon, a visiting professor at Seoul National University, was nominated by the Financial Services Commission (FSC) – Korea’s financial regulator – to lead the FSS, which it directs. The new governor is seen as a “reform-minded” 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 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."

As reported in September, the FSS notably issued the ban order to completely curtail initial coin offerings (ICOs) in South Korea. In January, the FSC enforced a ban on all anonymous cryptocurrency trading by mandating – among both crypto exchanges and the banks providing services to them – the use of real-name trading accounts.

The latter move, seen as a measure that would curb anonymous trading while encouraging KYC-enabled practices in the industry, has dented the market instead.

“Markets expected the introduction of the real-name registration system would have been helpful to revive trading, but these efforts failed as local banks were reluctant to invite more crypto traders,” a Bithumb official told the Korea Times.

Yoon declined to elaborate on the possible regulatory changes the FSS would consider for crypto exchanges when queried by reporters, stating:

"There are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually."

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.

New FSS chief Yoon Suk-heun will begin his tenure at the job on Tuesday, May 8. The subject of cryptocurrencies and ICOs are certain to come up again when the Yoon fields questions during a press conference facing local and international media tomorrow.

https://www.ccn.com/korea-to-relax-cryptocurrency-curbs-under-new-fss-chief/

Very good news because over the past six months or so South Korean lawmakers have been sending mixed messages over cryptocurrency regulations. One day we read about a Bitcoin crackdown, the next day trading goes on as normal. What happens in South Korea impacts the entire market since such a high percentage of trade volume occurs on exchanges in the country.
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May 08, 2018, 11:02:29 AM
 #5

I think this is good because it will encourage people to man up with their cryptocurrency investments. The Korean government, although controlling, surely cannot deny the economic effects of cryptos in its country. It has bettered the Korean economy because it increased the spending power of people and it spread the wealth among all Koreans and to all those that sojourn therein. Having studied Economics, I knew these latter two factors help the Gross Domestic Product (GDP) of a country. In all, relaxing crypto curbs certainly does have pros and cons. They just have to ensure that the benefits outweigh the not-so-good side of it.
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