March 27, 2024
FSS Chief Set to Discuss Crypto Market and Policies with SEC's Gensler
Latest Cryptocurrency News

South Korea’s FSS Chief Plans Crypto Regulation Talks with SEC Chair Gensler

The head of South Korea’s Financial Supervisory Service (FSS), Lee Bok-hyun, is reportedly planning a meeting with Gary Gensler, chair of the United States Securities and Exchange Commission (SEC), to discuss crypto regulation. As reported by South Korean news outlet Chosunbiz on Dec. 18, Lee aims to visit the SEC in January and arrange a meeting with Gensler. His agenda includes discussing the current state of the crypto market and the direction of supervisory policies impacting this sector.

An unnamed South Korean government official emphasized the significance of regulatory cooperation between countries in the context of borderless virtual assets. The meeting holds particular importance for both nations’ financial regulators, coinciding with speculation that the SEC might approve several spot Bitcoin exchange-traded products in January.

Meanwhile, the FSS had plans to enforce policies by July 2024 concerning crypto investor fund deposits into exchanges and the management of these transactions by firms. Moreover, ongoing tensions between the U.S. and South Korea regarding the extradition of Terraform Labs co-founder Do Kwon add another layer of complexity.

Kwon, arrested in Montenegro in March for using falsified travel documents and sentenced to four months in prison, might potentially face extradition to the United States before South Korea, according to reports at the time of publication.

During Gensler’s tenure, the SEC has faced criticism from various quarters within and outside the crypto industry for seemingly hesitating to approve a spot crypto exchange-traded fund (ETF). Despite multiple applications from asset managers, including BlackRock, the commission has yet to greenlight a spot BTC or Ether ETF, opting only for investment vehicles tied to crypto futures.

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