The new head of the main financial regulator in Korea confirmed that the country’s authorities will seek to weaken the regulation of internal trade cryptocurrencies.
According to local newspaper the Korea Times, at a meeting with journalists held last Sunday, the new head of the financial Supervisory service (FSS) of the country, young Bitches Hoin (Yoon Suk-heun) stated that the regulatory body will consider the issue of changing some of the rules that apply to the cryptocurrency market.
Young, formerly professors at Seoul National University, was appointed to the new position of the financial services Commission (FSC) and will officially begin work on may 8th. Local analysts believe yuna activist-reformer, with experience in a bureaucracy.
During the meeting with journalists the head of the FSS said that his Department will be engaged in improving the regulation of cryptocurrencies, which will create in Korea a safer financial system and make products based on digital assets more accessible. However, the question of regulation of cryptocurrency exchanges young did not give a direct answer, saying only that there are many problems to be addressed, but the Department needed at this time.
Recall that in September last year, the FSS has banned the conduct of the country’s primary offerings of coins (ICO), and in January, the FSC imposed a ban on all anonymous cryptocurrency trading by authorizing the use of live trading accounts among kryptomere and among the banks that provide them with services.
It is noteworthy that this last step is aimed at limiting anonymous trading and encourage industry practice KYC, instead, weakened the market.
“The markets were expecting that the introduction of registration system of real names will be useful for the revival of trade, but these efforts failed because local banks are reluctant to increase the number of its clients among capturadora”, — said the representative of the exchange Bithumb in an interview with the Korea Times.
Note that even two months ago, South Korean media reported rumors of an impending weakening of the authorities to ban the holding of ICO.