South Korean FSC Head Wishes to Resolve Pressing Crypto Matters

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Dec 11, 2020
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South Korea’s Financial Service Commission (FSC) head recently revealed a very pressing statement surrounding cryptocurrency issues that should not be delayed in their resolve. Koh Seung-beom wishes his bureau to take control of the issue soon.

The Korea Times news outlet on multiple occasions comments on the firm stance held by the head of the FSC, whose wish remains to stabilize the crypto markets in South Korea, a country that is a major cryptocurrency player.

The chairman commented that the issue should not be delayed and that the sooner it is resolved the less of an impact the marketplace will experience.

Furthermore, many South Korean politicians and companies define cryptocurrencies as a “bubble”, in that they can burst anytime and create regulatory and other issues for the country.

However, Koh Seung-beom has other pressing matters on his agenda. Currently, he is occupied with the issue of the nation’s household debt as well as the overall operation of the financial market.

However, that does not mean that the nation has not acted towards resolving the cryptocurrency predicament. The Financial Service Commission recently appointed the Korea Financial Intelligence Unit (KFIU) who tried to solve all related issues.
Cryptocurrency regulations are a major topic in world politics over the last couple of years. The potential of cryptocurrencies can broaden the imagination in either direction of a moral spectrum.
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What I wonder about is, however, what regulatory steps they would take to do this. I doubt they would ban cryptos, but what else would they do?