Korean President Moon Jae-in, has approved the nomination of Yoon Suk-heun to lead the government agency overseeing cryptocurrency regulations after the former head of Financial Supervisory Service (FSS) Kim Ki-sik stepped down from the post.
Yoon’s nomination was submitted by the Financial Services Commission (FSC), which the FSS falls under. He will officially start his work as FSS chief on May 8, the Korea Times reported, elaborating:
Governor Yoon Suk-heun said the country’s top financial regulator will consider relaxing cryptocurrency regulations.
Yoon Suk-heun, the incoming governor of the Financial Supervisory Service (FSS), who is considered a reformist in the country, told reporters at his inauguration, “Regarding cryptocurrencies, there are some positive aspects.”
The new FSS head said Improving regulations, would produce a more stable financial system with better services and products.
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Before now, about four months back, Yoon Suk-heun who is now the new FSS head expressed his understanding of the government’s position on cryptocurrencies, given their high volatility. However, he was quoted affirming that “the government is saying cryptocurrencies are neither currency nor financial assets…[that] is hard to understand,” adding:
What I think is that exchanges are to function to meet the needs of investors and market participants, broadly…to help them keep trading and making transactions. Any forceful ban against them would hurt the nature of the market.
Yoon also pointed out that “Regulation is good. However, it would be more than just good when it is used to help new businesses grow. However, he also added that Imposing taxes on crypto exchanges and investors needs to be considered, if necessary.”
Now, what do you think? Could this be a new era of cryptocurrency in Korea? Share your thoughts with us below.