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South Korea Takes It Easy On Cryptocurrency Regulations

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May 10, 2018 | 

Joanna Newman |  0 Comments| 

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In South Korea as in China, the government has adopted more or less harsh regulations against cryptocurrencies. In South Korea, with the appointment of a new chief for the main cryptocurrency regulator, regulations may be more relaxed. The country's president has approved the new head of the cryptographic currency regulator. Mainly known for being a reformist and activist, he spoke to the press saying that the easing of the laws that govern crypto-currencies was envisaged in order to promote the companies of the sector.

A new leader, new perspectives

Following the resignation of Kim Ki-sik, the former head of the Financial Supervisory Service (FSS), Yoon Suk-heun has been appointed to succeed him. With President Moon Jae-in approving his appointment, Yoo Suk-heun will now be the new chief financial supervisor for South Korea and will be in charge of the regulation of cryptographic currencies.
The appointment of Yoo Suk-heun has been suggested by the FSC or Financial Services Commission under the FSS. Officially, the new head of the FSS began work on May 8th. In a speech delivered by Korean media Korea Time, Yoo Suk-heun said that the country's main financial regulator considered loosening regulations on cryptocurrencies.

A new approach to cryptocurrencies

In an interview with reporters, the new chief of the FSS said that cryptographic currencies had a number of positives. He pointed out that there are so far many problems that need to be reviewed and addressed, and the understanding of cryptocurrencies will not be immediate, but incremental.
In his speech, Yoo Suk-heun clarified the roles of FSC and FSC and that the two institutions will collaborate. When an inspection on policies and financial institutions will have different configurations associated with different fields of application, the FSC and the FSS will work together. The role of the FSC will be to inspect policies, while the FSS will have the role of reviewing and overseeing the various financial institutions, while being under the oversight of the FSC.
Rather in the year, at an event dedicated to the industry, he said that given the volatility of cryptocurrencies, he understood the position taken by the government. However, he gave a favorable opinion for the continuation of the exchange services.
"From my point of view, trading platforms have to operate to meet the needs of investors and market players by letting them trade and trade. Any strict repression would harm the nature of the market. "
According to Yoon, the regulation is good, but it would be more than just good when used to support the development of new businesses. If necessary, the imposition of tax on the exchange of cryptocurrency currencies and investments could be considered.

Platforms are for regulation

Recall that after the implementation of the new legislation in South Korea, the local market of cryptocurrencies has been greatly affected. Bithumb one of the main platforms of the country had declared a fall of the volumes of exchanges to more than 90%. Daily trading has gone from 4 trillion won to 400 trillion won. With the devices adopted by the government, the platforms expected it to be positive for trading, instead the local banks had become reluctant.
The Upbit exchange platform has also issued its opinion on the subject by declaring:
"The platform is not opposed to the implementation of regulations, however it should not kill the market. The new FSS leader should consider how regulators would provide solutions to help asset swaps and improve the blockchain. "
With this new appointment, the regulations of cryptocurrencies should therefore be reviewed some time ago. Trading platforms will hope that the market will once again experience new growth.
In addition to the latest news, South Korea may also soon allow ICOs. Deputy Hong Eui-rak with the support of ten other legislators are working on a bill to legalize ICOs.

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