The head of the Financial Services Commission, Eun Sung-soo, says that South Korea’s new requirement that cryptocurrency exchanges register with the government will protect investors’ deposits from fraud and hacking.
That’s what he said when asked about the regulations on Wednesday by a reporter.
All South Korean crypto exchanges are required to report to the FSC’s Financial Intelligence Unit starting in September.
They’ll also have to get the backing of a commercial bank, which will ensure more transparency.
The FSC chairman, however, warned that the government cannot protect investors from the changing value of cryptocurrencies
smkim(2021.05.26) New cryptocurrency regulations will protect investors: FSC chief
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