The new head of the South Korean regulator (FSS) said he would consider loosening oversight in the crypto environment to boost the growth of new companies.
Young Sook-Hyun will take over as head of the South Korean Financial Supervision Authority (FSS) on Tuesday after former FSS chief Kim Ki-sik resigned. Yoon's nomination was submitted by the Financial Services Commission (FSC), to which the FSS belongs. He will officially begin his work as the head of the FSS 8 in May, reports the Korea Times, clarifying:
Young Suk-Heun said the country's chief financial regulator will consider weakening the rules for regulating the crypto sector.
He had previously “hinted about a possible adjustment to the rules that have been applied to the cryptocurrency market,” the news channel noted, adding that Yoon is known as an “activist and reformist.”
Yoon's approach to crypto
Yoon told reporters that “there are some positive things about cryptocurrency,” emphasizing that “there are many problems that need to be addressed and addressed. We can understand them, but gradually. "
Explaining the roles, he explained that “FSS will partner with FCS. The FSC reviews the policy, while the FSS reviews and monitors the financial institutions under the control of the FSC. ”
At an event on January 31, he expressed his understanding of the government's position on cryptocurrencies, given their high volatility. However, he claims that “the government says that cryptocurrencies are neither a currency nor a financial asset ... and this is difficult to understand,” adding:
I think that the exchange should function to meet the needs of investors and market participants, in a broad sense ... to help them continue to trade and make transactions. Any violent ban will damage the market. Regulation is good. However, it would be even better if used to help new businesses grow.
A spokesperson for South Korea's largest crypto exchange, Upbit, approved of Yun's appointment, saying that "what the new head of the FSS should be thinking about is how regulators should provide safeguards to help crypto trading and blockchain technology improve."