News : South Korea Tightens Crypto Reins: Executive Approval Now Required

Tuesday, June 18, 2024

South Korea Tightens Crypto Reins: Executive Approval Now Required

June 18, 2024 | Read Online

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Hey Crypto Enthusiasts,

We've got some hot-off-the-press news from South Korea! The Financial Services Commission (FSC) is rolling out new rules to keep a close eye on crypto executives. Here's the lowdown:

CRYPTOGUARD
South Korea's Financial Services Commission Proposes Regulatory Approval Requirement for Crypto Executives

2-minute read

Key Points:

Regulatory Approval: Executives at crypto firms will need FSC's green light before starting their roles.
Enhanced Oversight: FSC can halt license reviews if a company or its members are under investigation.
Timeline: The amendments are set to take effect by the end of March, with public feedback open until March 4.
Binance Moves: Binance is considering reducing its stake in Gopax due to FSC's scrutiny.

Deep Dive:

South Korea's Financial Services Commission is cracking down on the crypto industry with new amendments that require executive approvals. This bold move aims to address gaps in the current legislative framework and enhance oversight. If you're eyeing a top spot in a South Korean crypto firm, be prepared for a regulatory check!

The FSC will also have the power to pause license registrations if the firm or its members face investigations, ensuring tighter control over the industry. This comes amidst Binance's struggles with the FSC delaying the approval of Gopax's structural changes, possibly due to Binance's ongoing legal issues in the U.S.

The proposed changes are undergoing revision and will be voted on by the FSC soon. Public feedback is open until March 4, so get your opinions in while you can!

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Why it matters:

This regulatory tightening signifies a significant shift in how South Korea handles its crypto industry, aiming for more transparency and integrity. The move could influence other countries to adopt similar measures, potentially leading to a more regulated global crypto market.

Stay in the loop with these sweeping changes! Click HERE for the full scoop on South Korea's new crypto regulations and how they might impact you.

Catch you later,
The Crypto News Team

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