New director of South Korean financial regulator could relax cryptocurrency regulations

In South Korea, the new head of the financial regulator, has taken a much softer position with respect to cryptocurrencies, even suggesting that the rules to which exchange houses are subject can be made more flexible.

Yoon Suk-heun who will be the new governor in charge of the Financial Supervision Service (FSS) of the country, told the media at his inauguration that "with respect to cryptocurrencies, there are some positive aspects."

Suk-heun is considered a reformer in his country and pointed out in the event, that an improvement in the regulations of the financial field, would form a more stable system where they could offer better services and products to consumers.

However, on these new regulations by the FSS regarding the cryptocurrency exchange houses and the rest of the financial system, the incoming governor Yoon did not give any details, claiming that the process would take some time to be carried out. cape.

"There are many problems that need to be addressed and reviewed. We can solve them gradually, "said the new manager.

May 8 will be the date on which officially begins its management in charge of the Financial Supervision Service (FSS).

The news of the possibility in these new more flexible regulations come after the country took strong measures regarding the operations of cryptocurrencies at the end of last year, forcing the users of the exchanges to verify their identity in the month of January. of this year.

Since then the inspections by the Financial Services Commission (FSC) have been frequent to all the exchanges in operation as a way to ensure compliance with the rules regarding money laundering.

Also in the month of March, a positive news was generated for the medium where the prohibitions to the initial offers of currencies emanated by the FSC in September of last year, could end soon.

With this, it was also known through a report from the Korea Times, waiting for the approval this year of a bill that legalizes the ICO under the supervision of the government.