South Korea proposes cryptocurrency executive review process to strengthen regulation

ChainCatcher news, according to The Block, the South Korean Financial Services Commission (FSC) proposed a new amendment on Monday that requires new executives of cryptocurrency companies to obtain approval from regulatory authorities before taking office, which may grant financial regulators more power over the local cryptocurrency industry. The amendment will be revised by the government's legislative department and voted on by the Financial Services Commission, with an expected announcement by the end of March.

The FSC stated in the announcement that it intends to "improve" the pain points of the current laws regulating the local cryptocurrency industry. If the law is enacted, new executives of South Korean cryptocurrency companies will only be able to start working after the Financial Services Commission approves their personnel change applications, while the current laws in South Korea regarding the use and reporting of financial transaction information do not specify this requirement in detail.