Korea’s Top Regulator Chair Nominee Will Maintain Slow Approach To Crypto Assets

Eun Sung-soo, the nominee to be the next chairman of the top financial regulator of South Korea, has recently talked about his future policies for crypto if he indeed gets to be in the position.

According to him, if he does get his position at the top of the Financial Services Commission (FSC), he is set to evaluate the crypto world with a slow approach.

He believes that these new assets really need more regulation in order to avoid money laundering and to be more transparent. However, he is also very cautious. He notices some degree of risk involving cryptos and has pointed at the Kimchi Premium to show how speculative cryptos can be.

The nominee also affirmed that this is not the time to fully integrate cryptos with the rest of the economy. According to him, a strong legal foundation needs to be properly established before this can happen. Doing it hastily could have side effects and he does not seem to be eager to try.

This, the local experts affirmed, can point out to a continuation of the policies that were started by Choi Jong-Ku, the current chairman who is leaving his position this week.

Choi is seen as one of the forces that stopped cryptos to be more prominent in South Korea. He was one of the main figures behind the Initial Coin Offering (ICO) ban and also in favor of imposing certain restrictions on crypto exchanges having bank accounts.

Crypto groups believe that this slow approach puts the industry in a bad position because only a few exchanges can work properly. The next chairman, however, doesn’t seem to agree with them.