South Korea Financial Services Commission: New executives of cryptocurrency companies must obtain regulatory approval before taking office

Financial Services Commission (FSC) of South Korea proposed new amendments on Monday, stipulating that new executives of cryptocurrency companies must obtain approval from regulatory authorities before taking office. This may give financial regulators greater power over the local cryptocurrency industry.

The FSC stated in the announcement that it intends to "improve" the pain points of the current laws regulating the local cryptocurrency industry. If this regulation is implemented, new executives of South Korean cryptocurrency companies will only be able to start working after the FSC approves their personnel change application, and there is currently no detailed requirement in South Korean laws on the use and reporting of financial transaction information.