For further openness, the South Korean FSC suggests keeping tabs on the whereabouts of crypto companies’ top executives.
In an effort to increase openness in the cryptocurrency market, the South Korean Financial Services Commission (FSC) plans to keep a closer eye on the actions of company executives.
The regulatory authority is seeking public feedback on a proposed adjustment to a regulation that would update the present requirement for crypto firms to notify all personnel changes.
Crypto exchanges in South Korea will be required to notify the FSC of any changes in their leadership or executive structure before delegating operational responsibilities to newly hired staff, according to a recent statement by the FSC.
“It is the responsibility of the virtual asset service provider to ensure that their tasks are carried out after the change report has been approved, in the event that there is a change in the representative or executive of the provider.”
In addition, the authority is requesting that cryptocurrency exchanges disclose instances when top executives are not meeting expectations.
“It needs to be made clear what kinds of things can cause reporting to be suspended or stopped, like breaking laws about virtual assets or not doing enough with executive duties that seriously mess up the order of financial transactions.”
But new stats from Statista show that yearly crypto income in South Korea isn’t going to expand at an exponential rate. By 2028, South Korea is projected to earn $2.2 billion each year, according to Statista.
The cryptocurrency market in the US is projected to reach $32.9 billion in yearly revenue by the year 2028. Despite the fact that its population is over six times that of South Korea.
There has been a lot of activity from the South Korean FSC to make sure the cryptocurrency business is very compliant.
There has been a significant crackdown on crypto mixers by the Financial Services Commission’s Financial Intelligence Unit (FIU).
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