South korea : the main regulator of the country wants a more flexible regulatory for crypto-currencies

The south Korean president has just appointed a new chief for the main body of regulation of crypto-currencies in the country. It is known to be an activist and a reformist. He would have announced that it wants to consider relaxing the regulations on digital currencies to help businesses to develop in this sector.

A new regulation for crypto-currencies ?

The financial tracking service of Korea (FSS) has just had a new head. The south Korean president, Moon Jae-in, has approved the appointment of Yoon Suk-heun in the direction of the government agency responsible for overseeing the regulation of crypto-currencies, after the resignation of Kim Ki-sik.

Check out below the details of this announcement in English :

The appointment of Yoon has been submitted to the financial services Commission (FSC), which reports to the FSS. It began to occupy this position on 8 may. According to the new head of the FSS, the financial regulator of the country would loosen the regulatory schemes of crypto-currencies. It was suggested that a possible adjustment of the rules applied to the market of the virtual currency could take place.

The approach of Yoon to regulate crypto-currencies

Yoon has shown to journalists the various positive aspects of crypto-currencies. He explained, however, the problems his organization faces. It has also held to clarify the roles of the FSS and the FSC. According to Yoon, the FSS will work with the FSC when an inspection on the policies and financial institutions will be carried out. The FSC will therefore control the policies while the FSS will review and supervise the financial institutions.

At an event that was held on 31 January, he expressed his understanding with regard to the government’s position on crypto-currencies, given their high volatility. Yoon also pointed out that the regulation is good. However, it would be more fair to review it in order to help new businesses to grow, he added.

Source : NewsBitcoin