South Korean Regulator to Discuss Crypto with SEC Chairman: Upcoming Meet

• South Korea's Financial Regulator Set to Discuss Crypto Regulation with U.S. SEC Chairman
• Marking the First Meeting of its Kind
• New Digital Asset Legislation in South Korea
• Addressing Issues in the Cryptocurrency Space

South Korea's Financial Regulator Set to Discuss Crypto Regulation with U.S. SEC Chairman

South Korea's top financial regulator is scheduled to meet with Chairman Gary Gensler of the U.S. Securities and Exchange Commission (SEC) in Washington D.C. the following month, as per a report by the Korean news outlet ChosunBiz. Financial Supervisory Service (FSS) Governor Lee Bok-hyeon and Gensler will delve into the matter of cryptocurrency regulations, which has become an increasingly significant area of concern for Korean regulators.

Marking the First Meeting of its Kind

This interaction will be the inaugural meeting between the FSS and SEC heads. Efforts are underway to coordinate specific schedules and agendas, with the goal of fortifying the cooperation between both agencies, as reported by the FSS to ChosunBiz.

New Digital Asset Legislation in South Korea

South Korea has recently crafted a new digital asset legislation aimed at bolstering consumer protections for investors in the cryptocurrency domain. This legislation is expected to be implemented in July 2024. As per data from KuCoin, during a six-month timeframe, about one-fourth of Korean adults aged between 18 to 60 had invested in cryptocurrency, positioning the country as one of the leading markets for cryptocurrency trading.

Addressing Issues in the Cryptocurrency Space

The rampant fraud in the digital assets sector inflicting harm on South Korea's cryptocurrency traders has spurred the country's regulators to curb the largely unregulated sector. In a noteworthy incident in 2022, the Terra-Luna ecosystem, helmed by South Korean crypto entrepreneur Do Kwon, collapsed, triggering a massive $40 billion crash in the cryptocurrency market.

Edited by Jonathan Stoker