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The Financial Services Commission (FSC) of South Korea has proposed amendments that will require regulatory approval before executives can be appointed at crypto companies. The FSC aims to improve problematic areas in the current legal framework and establish greater oversight in the crypto sector.
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If the proposed amendments are passed into law, new executives at crypto companies in South Korea will not be able to assume their positions without obtaining approval from the FSC. According to Money Today, the amendments could come into effect by the end of March.
The proposed regulations also grant the FSC the authority to suspend the license registration of a crypto company under investigation. Last week, Binance announced plans to reduce its stake in South Korean exchange Gopax, which was seen as a response to the FSC’s concerns.
The FSC is seeking public feedback on the proposed amendments until March 4th. South Korea’s move towards stricter regulations and oversight policies in the crypto sector highlights efforts to increase control over the industry.