The Financial Services Commission (FSC) of South Korea has put forth new amendments that would require regulatory approval before new executives at crypto companies can begin their duties. This move would potentially give the financial watchdog more power over the local crypto sector.
The FSC stated that the amendments aim to address issues with the current regulations governing the crypto industry. Under these proposed changes, new executives at South Korean crypto companies would have to wait for the FSC’s approval before starting their jobs, a requirement not currently specified in the country’s existing laws on financial transaction information usage and reporting.
The amendments will be reviewed by the Ministry of Government Legislation and will undergo a voting process by the FSC, with an expected implementation date at the end of March, according to local media outlet Money Today.
Additionally, the proposed amendments grant the FSC the authority to suspend the review of a crypto company’s license registration if the company or its members are under investigation by local or international regulators.