After a tumultuous start to the year, the Republic of Korea’s Financial Supervisory Service has a new governor. Judging by recent statements, his official appointment may have implications for cryptocurrency.
Beginning May 8, Yoon Suk-heun will take up the mantle of responsibility as South Korea's top financial regulator when he assumes the governorship of the country's Financial Supervisory Service (FSS).
Shortly after President Moon Jae-in approved Yoon's nomination, which had been submitted by the Financial Services Commission[1] (FSC), Yoon responded to reporters' questions on one of Korea's favorite topics: cryptocurrency. According to The Korea Times[2], the new governor said that the organization "will consider relaxing cryptocurrency regulations."
"Regarding cryptocurrencies, there are some positive aspects," stated Yoon. "The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC."
Yoon's cool and steady commentary comes at a time when Korean FSS leadership has come under scrutiny. He is stepping into a role that has seen three acting governors since early March. One preceding FSS head, Choi Heung-sik, was forced to step down only six months[3] into taking office, after allegations arose that he was involved in an illicit hiring scandal at Hana Bank.
Choe denied wrongdoing but, regardless, submitted his resignation on March 12[4], leaving senior deputy Yoo Kwang-yeol[5] as interim head of the FSS, a position Yoo held until the presidential Blue House appointed Kim Ki-sik[6] to the office in early April.
Unfortunately for Kim, it soon emerged that at least some of the travel related to three overseas trips paid for with
