South Korea's Financial Services Commission (FSC), the country's financial regulator, today unveiled new proposals that would require individuals assuming executive roles in crypto firms to obtain approval from the regulator before assuming their duties, which could increase the FSC's control over the domestic digital asset sector.
In the official announcement, the FSC has said it intends to address problems with existing laws governing the local cryptocurrency market.
If the measures end up being implemented, newly appointed executives at South Korean crypto companies will need approval from the regulator before starting work, a provision that is currently not included in the country's legislation on the use and reporting of financial transaction information.
The amendments will first go through a review process by the Ministry of Government Legislation and then be voted on by the FSC. If approved, they are expected to come into force by the end of March.