Korea’s FSC proposes regulatory approval requirement for crypto executives
South Korea’s Financial Services Commission (FSC) is weighing a new proposal that would require crypto executives to obtain regulatory approval before taking up a role. In a document published on its official website on Feb. 5, the FSC says it is working on a set of new improvements that would require new executives of crypto businesses to obtain regulatory approval s before taking up a position. While specific details of the proposed initiative remain pending revision by the Ministry of Government Legislation, it is understood that the amendments are anticipated to come into effect by the end of Q1, 2024. This regulatory move extends beyond crypto though, reflecting the FSC’s broader aim to assert increased authority over the financial market. FSC Chair Lee Bok-hyun emphasized a commitment to cracking down on lax risk management practices, stating that authorities “will not tolerate practices of passing on risks to consumers and society by privatizing short-term pro...