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The Financial Services Commission (FSC) of South Korea is considering a major legislative shift, proposing that leaders in the cryptocurrency sector seek regulatory clearance prior to taking on their positions. A document issued by the FSC on February 5th states that the proposed changes are meant to increase sector oversight.
The FSC anticipates that these changes will take effect by the end of the first quarter of 2024, notwithstanding the fact that the Ministry of Government Legislation may change the proposal’s exact specifics. The regulatory effort reflects the FSC’s larger goal of strengthening its control over the financial industry and extends beyond the cryptocurrency space.
FSC Chair Lee Bok-hyun emphasized the need for rigorous risk management practices, expressing intolerance towards practices that pass on risks to consumers and society for short-term profits. The regulatory push aligns with South Korea’s commitment to creating a secure financial environment.
The financial regulator in South Korea has been urged to reevaluate permitting spot Bitcoin exchange-traded funds (ETFs) in the nation concurrently by the president’s office of that nation. In view of the permission that such ETFs have received in the US, the presidential administration is reevaluating its position, notwithstanding prior cautions from the FSC about domestic companies participating in overseas spot Bitcoin ETF trades.
The chief of the presidential administration’s political department, Tae Yoon Seong, emphasized the significance of determining whether international developments—like the U.S. government’s approval of spot Bitcoin ETFs—could be handled within the context of South Korean law.