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South Korea’s Financial Chief Reportedly Plans Crypto Discussion with Gary Gensler

2 mins
Updated by Kyle Baird
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In Brief

  • Yoo Bok-hyun is reportedly set for a game-changing trip to engage with the US SEC Chair Gary Gensler.
  • Yoo will share insights, fortify regulatory frameworks, and collaborate amid borderless virtual assets' rise.
  • Yoo's visit signifies a proactive move, seeking alternatives to shape global crypto regulations.
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Yoo Bok-hyun, the head of South Korea’s Financial Supervisory Services (FSS) is set to visit the US Securities and Exchange Commission (SEC) to engage in discussions about cryptocurrency with SEC Chair Gary Gensler.

The primary reason for this visit is reportedly to share insights into the crypto market and deliberate on the strategic direction of regulatory policies.

South Korea Continues Research into Crypto Regulations

According to a recent report, the overarching theme of the trip is discussions on the management and supervision of the virtual asset market.

As South Korea continues with its efforts to regulate cryptocurrency, Yoo acknowledges the need to bolster the nation’s regulatory framework.

Meanwhile, this comes amid BeInCrypto’s recent report that South Korea FSS is preparing to implement robust regulations for crypto in July 2024.

However, the specifics of regulatory plans for the dynamic virtual asset market remain a work in progress.

Read more: How Does Regulation Impact Crypto Marketing? A Complete Guide

The visit to the SEC will assist Yoo in developing effective methods of managing and supervising the crypto sector.

Earlier this year, BeInCrypto highlighted South Korea’s strengthened regulations concerning crypto exchanges and their required reserve holdings.

However, according to local reports, the new rules outline at least 3 billion won fund (approximately $2.26 million).

Meanwhile, Statista data indicates that the crypto market’s revenue in South Korea is projected to reach $2.2 billion by 2028.

Revenue change in South Korea crypto market over the years. Source: Statista
Revenue change in South Korea crypto market over the years. Source: Statista

Gensler Firmly Believes Most Cryptocurrencies Are Securities

This move comes on the heels of a recent organizational overhaul by the Financial Services Commission, aimed at bolstering supervision, inspection, market monitoring, and institutional improvements for virtual asset operators.

Additionally, this issue has gained paramount importance in South Korea with the enforcement of the Virtual Asset Act.

However, it evaluates the security nature of virtual assets based on whether investors expect profits from the efforts of others.

Meanwhile, the report notes the SEC Chairman Gensler’s stance. It states his belief that considering nearly all virtual assets except Bitcoin as securities adds a layer of complexity to the regulatory discourse.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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