The Financial Services Commission (FSC) of South Korea has proposed modifications to the crypto regulations that would provide more power to authorities investigating crypto businesses. To commence, it will be mandatory for newly hired personnel of cryptocurrency-related organizations to provide certified assent before commencing their duties.
The FSC issued an official statement stating that they intend to implement additional modifications to the current set of regulations established for the cryptocurrency industry. If implemented, it will be obligatory for all newly hired personnel in the cryptocurrency industry to obtain the FSC’s approval before proceeding with personnel change applications.
The Ministry of Government Legislation will be in charge of revising the amendments. Following this, the FSC will conduct a voting procedure. According to Money Today, a news outlet, it is scheduled to go into effect sometime in late March.
Furthermore, the suggested amendments aim to grant the FSC the power to halt the evaluation of a license registration of a cryptocurrency company in the event that local or international regulators are conducting an investigation into the organization or its employees.
In response to FSC concerns, Binance allegedly announced last week that it is looking at options to lower its ownership in the South Korean exchange Gopax, where it is the biggest shareholder at present. It is possible that the FSC is concerned about Binance’s legal issues in the US, given it has taken some time to approve Gopax’s structural change following Binance’s acquisition.
The FSC is currently soliciting public feedback regarding the proposed modifications; this procedure will continue until March 4, 2024.