The chairman of South Korea’s main financial regulator, the Financial Services Commission (FSC), Kim Joo-hyun, announced on Thursday that the agency will support blockchain technology and customer protections in the cryptocurrency market. Kim also highlighted the FSC’s forthcoming financial regulation reform in keeping with the digital transition age, which includes examining the present prohibition on financial institutions such as banks directly entering the crypto market. Kim also stated that the FSC will use existing cryptocurrency regulations to regulate virtual asset service providers (VASP), and that the agency will collaborate with other departments such as investigative agencies to guarantee a safer environment for crypto consumers.
