South Korean Financial Supervisory Service: regulation of cryptocurrency will help create a secure financial system

South Korean Financial Supervisory Service: regulation of cryptocurrency will help create a secure financial system

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Financial Supervisory Service of South Korea (FSS) sees “positive aspects in cryptocurrencies” and intend to cooperate with regulators for their introduction to the legislative field. About it a new manager FSS declared Yoon Suk-heun, The Korea Times writes.

According to him, adjusting of bitcoin and other digital currencies will assist creation of the safe financial system that will do products on the basis of digital assets accessible. Thus the head of FSS did not answer a question, as exactly a department plans to regulate a market.

“There is a great number of problems that it is necessary to consider and decide. We will be this to occupy, but time will be required for this purpose”, Yoon Suk-heun declared.

Officially Yoon Suk-heun will begin execution of duties of head of FSS on Tuesday, on May, 8.

In turn, the representatives of Commission on financial services declared already, that a new head of department is an ideal candidate on this position, able to give a new stimulus development of innovations.

“Yoon Suk-heun is a reformer and activist that operates in interests a market. He prefers to conduct careful transformations that is sent to defence of investors and development of business”, marked in a department.

The representative of popular bitcoin exchange UpBit expressed opinion meantime, that the new head of FSS must think about that, “what decisions must be presented to the regulators, to improve blockchain technology and trading in virtual currencies”.

We will remind, before in May the representatives of Democratic party of South Korea told about plans on taking off an embargo from the sphere of ICO and development of normatively-legal base for it legalization.

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