According to The Korea Times, newly appointed Manager, financial Supervisory Service of South Korea (FSS) said at a press conference on may 6 that he sees in the cryptocurrency “some positive aspects”.
The new head of the FSS also said it will work on the regulation of cryptocurrencies together with other regulators.
Yun Suk-star, who will officially begin work on may 8, said that better regulation of the cryptocurrency sphere should contribute to the emergence of a large number of cryptocurrency products.
Young did not answer the question of how FSS intends to work further with the internal cryptocurrency exchanges, instead he said that “there are many problems that need to be addressed. We will do this gradually.”
After the introduction of the ban on anonymous trading, and operations for non-resident foreigners and South Korean citizens under 18 years “daily volumes for transactions with cryptocurrencies fell to 400 billion won, from 4 trillion”, – said Vice-President of the South Korean cryptocurrency exchanges Bithumb Lee Cheong-Ah in an interview with Korean newspaper.
The representative of South Korean cryptocurrency UpBit exchanger commenting on The Korean Times the inauguration of the new head of the regulatory authority stated that they “do not object to the introduction of rules”:
You can not completely kill the market, just imposing the rules. What should think the new head of the FSS, is how regulators can help the cryptocurrency industry to grow up and become better.