Korea’s Ex-Financial Regulator Deputy Chief Set To Head Korea Blockchain Association

Korea’s Ex Financial Regulator Deputy Head Set To Head Blockchain Association

Oh Gap-soo, who served as a former deputy governor of the Financial Supervisory Service (FSS) is set to become the next head of Korea Blockchain Association after being nominated for the position.

The association revealed that Oh has been nominated for the position on Monday and will be officially appointed during the forthcoming annual general meeting which will be held on June 24.

Oh will take over the mantra after the association’s chair Chin Dae-je opted to step down in March this year. Oh will be the association’s second chair after its formation in March 2018 and is set to serve a 3 year term.

Highly Experienced In Financials

Oh brings a wealth of experience to the blockchain sector having served in numerous financial institutions both in government and private sector. At the moment, Oh is the reigning president of Global Finance Society and, in the past, has worked as the deputy chief of Standard Chartered Bank Korea as well as an outside director KB Kookmin Bank, which is one of the major financial organizations in Korea, reports the Korea Times. This makes Oh one of the most experienced financial experts in Korea and will no doubt be an asset to the association.

During the recent Korea presidential campaigns, Oh was responsible in development of President Moon Jae-in’s financial policies which were highly praised by analysts.

Oh has also been a financial don in various institutions around the world including the Oklahoma State University and is said to be interested with emerging technologies in the financial sector.

He was praised for his straight advocacy for friendly policies to govern the cryptocurrency industry during his stint as a deputy governor at FSS.

Creation Of Regulations To Govern Blockchain And Cryptocurrency Sector

Cointelegraph reports that the Korea Blockchain Association is exploring different ways that it can regulate the blockchain and crypto industry. Some of the members of the association include crypto exchanges, crypto based startups as well as public agencies.

In the recent past, the association has come under intense criticism by its members and crypto enthusiasts over its failure to shield the interests of local crypto exchanges who have faced tough times due to real name trading policy that was introduced by the government. The policy which came into effect in late 2017, is blamed for slowing investor interests in cryptos.

The association says that it hopes Oh will be pivotal in the development of regulations that will spur growth and development in the sector.

The announcement comes days after a Korean pan-governmental forum was held to launch closer supervision of the nation’s crypto sector in the midst of the latest sharp increase in crypto values. Korea government officials had held that the recent surge in Bitcoin’s value beyond $8400 was an indication that the market was overheating and could explode any time.

Do you think Oh Gap-soo will help spur the growth and development of blockchain ventures in Korea? Keep the conversation going in our comments section and social media outlets.

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