South Korea Proposes Regulatory Approval Requirement for Crypto Executives
The Financial Services Commission (FSC) in South Korea has announced new amendments that would mandate regulatory approval for executives joining cryptocurrency companies. The goal is to address issues in the current legislation governing the country’s crypto industry and enhance the authority of the financial watchdog over the local sector. Under the proposed amendments, newly appointed executives will need approval from the FSC before assuming their roles. Additionally, the FSC will have the power to suspend the review of a crypto company’s license registration if it or its members are under investigation by regulators. These changes are expected to take effect by March.
Binance Considers Reducing Stake in South Korean Exchange
Binance, a major cryptocurrency exchange, is exploring options to reduce its stake in Gopax, a South Korean exchange where it is currently the largest shareholder. This move comes as a response to concerns raised by the FSC, which has delayed approving Gopax’s structural change since Binance’s acquisition. The FSC is seeking public feedback on the proposed amendments until March 4.
Officials in South Korea Required to Disclose Crypto Holdings
Starting next year, high-ranking public officials in South Korea will be required to disclose their cryptocurrency holdings. This proactive approach aims to address potential conflicts of interest and promote integrity within the public sector. The government wants to ensure that officials maintain ethical standards and avoid conflicts arising from involvement in the crypto market. The disclosure requirement will apply to officials across various government agencies and departments, who must report details of their cryptocurrency holdings.
South Korea’s Financial Supervisor Plans Meeting with SEC Chairman
Lee Bok-hyun, head of South Korea’s Financial Supervisory Service, intends to visit the United States and discuss the crypto industry with SEC Chairman Gary Gensler. The focus of the discussion will be on spot Bitcoin ETFs.
Hot Take: South Korea’s Steps Towards Crypto Regulation
South Korea is taking significant steps towards regulating the cryptocurrency industry by proposing new amendments and requirements. By mandating regulatory approval for executives joining crypto companies, the country aims to enhance oversight and control over the sector. Additionally, the disclosure requirement for public officials’ crypto holdings demonstrates a commitment to transparency and integrity within the government. These efforts align with global trends in crypto regulation, as countries seek to establish frameworks that ensure investor protection and prevent illicit activities. South Korea’s engagement with international regulators, such as the SEC, further highlights its dedication to addressing regulatory challenges and fostering collaboration in the evolving crypto landscape.
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