South Korea’s Financial Supervisory Service change its stance on cryptocurrency,

South Korea’s Financial Supervisory Service’s [FSS] newly appointed governor said that he sees some positive aspects to cryptocurrencies in a press conference on, May 6th. The local news outlet, The Korea Times reported that the governor also said the FSS will be working on cryptocurrency regulatory issues in collaboration with other regulators.

The governor, Yoon Suk-heun, who will officially begin work on May 8th, said that better cryptocurrency regulation would produce the kind of secure financial system that makes crypto-related products more accessible.

After South Korea banned anonymous trading on domestic crypto exchanges in December, rumors circulated that an all-out cryptocurrency ban in the country was imminent. This is a claim denied by South Korea’s Finance Minister in January.

Yoon dodged the question about how the FSS will deal with domestic crypto exchanges, he replied saying:

VP of South Korean cryptocurrency exchange Bithumb Lee, Jeong-ah told The Korean Times:

A spokesperson from South Korean crypto exchange UpBit told The Korean Times:

Earlier in March of this year, South Korean government officials were banned from both trading and holding cryptocurrencies. More recently, in one of the first more friendly moves towards the crypto-sphere, a group of South Korean lawmakers introduced a bill to make the domestic launch of Initial Coin Offerings [ICO] legal, all be it supervised strictly by the Ministry of Science and ICT and the Financial Services Commission [FSC], which directs the Financial Supervisory Service [FSS].

Japan FSA strengthens cryptocurrency exchange regulation to prevent another heist

The Financial Service Agency of Japan [FSA] strengthens cryptocurrency exchange regulation in the country. FSA has announced stricter regulations for cryptocurrency exchanges to prevent another heist like Coincheck’s. FSA is going to be using a tighter cryptocurrency exchange laws from this summer.

The FSA of Japan has said that from this summer onwards they would be using an improved, stricter framework for registered cryptocurrency exchanges as to keep up with the growth of technology. All the users who are going to be registering in the exchange would also have to follow the new rules.

After discovering the new age digital currencies, the government of Japan has shifted focus to strengthening consumer protection. The FSA of Japan does not want their citizens to be part of online payment fraud. They mainly want to prevent another heist.

The requirements which are being made important by the FSA this summer is to prevent money laundering. The FSA is asking to keep verification of the identification of users to keep track of their transactions and exchanges.

The second requirement put forward by the FSA was to keep customer assets separate from exchange assets. The trading exchanges should closely monitor the accounts of users of the exchanges.
[source]https://ambcrypto.com/south-korea-financial-supervisory-service-change-stance-cryptocurrency/