Kim Joo-hyun, chairman of the South Korean Financial Services Commission, said that the regulator will promote blockchain for various applications, while protecting investors in the crypto market.
The South Korean regulator (FSC) closely monitors the cryptocurrency industry and reacts harshly to violations of local laws by crypto companies. Therefore, the agency advocates the development of a regulatory framework for the regulation of digital assets.
“In cooperation with the National Assembly, we will actively support the establishment of a system for regulating virtual assets. It will balance the innovation that comes from technologies like blockchain with consumer protection and financial stability,” said Kim Joo-hyun.
According to the FSC chairman, the agency is going to reform the regulation of finance in the course of the ongoing digital transformation. Perhaps this will also mean lifting the ban on working with cryptocurrencies for financial institutions. To protect consumer rights, the regulator will work with other departments in South Korea.
Earlier it was reported that the country’s authorities are in no hurry to fully legalize digital assets – the relevant law can be issued only after assessing the consequences of legalizing cryptocurrencies in the US and Europe.