• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
Join Student Coin ICO
No Result
View All Result
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
South Korea digital currency
Nexo

South Korea: FSS Governor Talks Easing of Cryptocurrency Regulations

Osato Avan-Nomayo by Osato Avan-Nomayo
3 years ago
in Altcoin News, Bitcoin, Bitcoin Acceptance, Bitcoin Exchange, Bitcoin Regulation, Legislation, Markets and Prices, News, News teaser
0

Yoon Suk-heun, the newly appointed governor of the Financial Supervisory Service (FSS) of South Korea, has declared that there will be a review of the current crypto regulations in the country. The FSS chief announced this while speaking to reporters after his confirmation.


Striking a Balance Between Regulations and Growth

According to Yoon, the crypto market requires an adequate regulatory framework to grow. During his post-confirmation address, he reiterated the need for clear laws that would make the market stable. Once the market becomes stable, Yoon believes the industry will evolve to create more products and services. By so doing, a more serviceable market environment will emerge.

Yoon Suk-heun, the new FSS Governor

The FSS boss acknowledged the fact that issues were plaguing the crypto market. He assured the public of a thorough examination of these issues. He also noted the fact that the market has its unique nuances which must be understood before making any changes. When pressed by reporters, Yoon declined to give a specific roadmap detailing how the agency will review the current cryptocurrency regulatory paradigm in the country.

Eliminating Anonymous Crypto Trading

Anonymous trading accounts remain a critical issue as far as the crypto market in the country is concerned. Cryptocurrency exchange platforms have been prohibited from offering anonymous trading accounts. The FSC (Financial Services Commission) issued a decree instructing all investors to provide real-name identification for all their crypto trading accounts. According to the ruling, the names on an investor’s crypto account and bank account must be identical. Also, the FSC and FSS have been examining the records of crypto traders in the country.

Seoul, South Korea

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The new head of the FSS will resume his post on May 8th, after which he will hold a public press conference. The FSC nominated Yoon for the position. The FSC and FSS are the country’s financial watchdogs with the latter being under the supervision of the former. The FSS is responsible for policing the market while the FSC inspects policies and monitors the activities of the FSS.

In a related development, there are indications that ICOs may soon have legal status in South Korea. A coalition of lawmakers in the country is working to create legislation that will allow ICOs that fulfill certain conditions. The government banned ICOs in 2017, but this new bill aims to support ICOs that contribute meaningfully to the development of blockchain technology in the country.

Will South Korea benefit from less stringent cryptocurrency regulations? Let us know in the comments below.


Images courtesy of the Korea Times, Pexels, and Pixabay.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Trade
  • Play Games
  • Mining

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.