South Korean Government clarifies the Crypto regulatory roles of the different agencies. After some confusion, the Korean Government has laid out which state and regulatory bodies charged with various aspects of Crypto-related activities.
New Suit of Regulations
Crypto community of South Korea has had to adapt to a new suite of regulations and government frameworks over the past year. Moreover, these tailored to the growing industry. Since the regulatory landscape for Digital assets is undergoing a marked shift, there has been some confusion.
Joint Statement
South Korean government agency or regulatory authority is overseeing various aspects of Crypto-related activities due to this confusion. A local report says that Government will release a joint statement. The statement will clarify these questions for a Society of undeniable Crypto enthusiasts.
The Financial Services Commission
The statement outlines that FSC, the Financial Services Commission, will monitor virtual asset businesses. Moreover, FSC also has to establish regulations for the sector. Finally, FSC has to ensure that Crypto firms are implementing strong anti-money laundering measures.
Eun Sung-soo
Eun Sung-soo is the present head of the FSC. But, unfortunately, he has recently fallen out of favor with the Crypto community. This happened due to his disparaging remarks about the asset class and denial that authorities are necessarily obliged to protect investors just because of Crypto’s local popularity.
Backtracked
He backtracked the situation somewhat by claiming that Government will protect the investors who transfer Crypto holding to the legally registered firms. However, this joint statement today emphasized the personal responsibility remains Paramount.
No recognition
However, Crypto is not still recognized as a currency or financial product in South Korea. Therefore, no one can guarantee Crypto value, and there is always a risk of mass loss due to the volatile exchange environment.
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