The new head of South Korean regulator promises friendly approach towards cryptocurrency; market reaction is muted
|- The new governor of FSS believes that good regulation will make cryptocurrency industry safer.
- Major coins are in decline, ignoring the news so far.
Top financial regulator of South Korea has a new governor that seems to be more loyal to cryptocurrencies than his predecessor. Speaking at the press-conference after his official appointment, New Financial Supervisory Service (FSS) Governor Yoon Suk-heun promised to consider relaxed cryptocurrency regulation, the Korea Times reports.
"The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC," the new FSS head said.
While South Korea banned anonymous trading in December and was rumored to implement a complete ban on crypto assets, Yoon Suk-heun believes that better regulation for digital assets will add security to the financial system and make crypto-related products more accessible.
Yoon is known for his active position and a knack for progressive reforms, which means that changes in cryptocurrency trading are likely to have a positive effect on the industry. He did not elaborate on the ways FSS is going to regulate domestic cryptocurrency exchanges, but mentioned that there are certain issues that need to be "addressed and reviewed".
Yoon Suk-heun officially began working in his new capacity on May 8.
Meanwhile, market reaction is muted so far as all major coins are deep in red, reversing the gains of the previous week. The sell-off still qualifies as a natural correction, but some large coins has come close moving close to critical support levels. Thus, Bitcoin is trading at $9,300 after dipping to $9,220 during Asian hours. Ethereum slumped to $750, while Ripple has settled at $0.820
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