Published on February 05, 2024 05:04 GMT+00:00edited on February 05, 2024 05:09 GMT+00:00

South Korea’s Financial Services Commission (FSC) proposed new amendments on Monday that would mandate new executives at crypto companies to obtain regulatory approval before assuming duties, potentially giving the financial watchdog more authority over the local crypto sector. 

The FSC said in the announcement that it intends to “improve” pain points of the current law that oversees the local crypto industry. If enacted, new executives at South Korean crypto companies will not be able to start work until the FSC approves their personnel change applications, a requirement not currently detailed in the country’s law on the use and reporting of financial transaction information.

The amendments are set to undergo revision by the Ministry of Government Legislation and a voting process …