New leader of South Korea’s FSS: clear rules will make the crypto market less speculative

The new head of the regulatory agency of South Korea - Financial Supervisory Service - thinks that speculations appear amidst uncertainty. Seoul National University professor Yoon Suk-heun has made it very clear that the cryptocurrency market requires established and understandable rules.

The high-ranking official has chosen to stick with the neutral approach during one of the first public interviews after his assumption of the FSS leadership. For example, when asked for how he views cryptocurrency, Yoon Suk-heun responded about with which opinions one can agree more easily, without specifically noting his own opinion on the matter.

“When you see ups and downs of the prices of cryptocurrencies, then it’s understandable that cryptocurrencies are not currencies, but it’s hard to agree with opinions that cryptocurrencies are not financial assets.”

The South Korean cryptocurrency community is vibrant and would appreciate to see officials who do not act rashly, as witnessed from the story with the country’s Minister of Justice. His imprudent words led to an outburst of criticism and subsequent damage control of the government which has successfully downplayed the situation.

Image courtesy of Yonhap News