From regulating to being regulated, the Financial Supervisory Service (FSS), South Korea ’s financial watchdog, has joined the blockchain sector where he will have a lead role.
The former ex-FSS governor, Oh Gap-soo, has been nominated to head the country’s blockchain association known as the Korea Blockchain Association. As reported by The Korea Times, the ex-FSS deputy chief will lead the blockchain association in creating a regulatory framework around the entire blockchain sector, which will also engulf virtual currencies. Additionally, the regulations being developed by the Korea Blockchain Association will focus on cryptocurrency exchanges.
Chances of being confirmed are high
However, Oh is just an appointee and his fate on whether he will head the association will be known on June 24 when the association holds its annual general meeting. If confirmed to lead the Korea Blockchain Association, the former ex-FSS deputy governor will bring his wealth of experience in the financial sector onto the table. For example, Oh was at one time the deputy head of Standard Chartered Bank in the country. Also, the former FSS deputy governor has also served as South Korea’s leading financial firm, KB Kookmin Bank.
To add to Oh’s experience, he currently heads the Global Finance Society. It is also believed that Oh was the brain behind President Moon Jae-in’s financial policies during his political campaign.
According to The Korea Times:
“After obtaining a bachelor’s and master’s degree in management from Seoul National University, he received a doctor’s degree in management from the Wharton School at the University of Pennsylvania.
He taught at Oklahoma State University and Drexel University in the U.S.”
Former chief voluntarily steps down
The former FSS deputy governor will be coming to replace the association’s former head, Chin Dae-je, who voluntarily expressed his desire to step down from his position during a meeting in March of this year. Chin stepped down after rendering his leadership prowess for approximately one year; from March 2018.
If approved to head the Korea Blockchain Association, Oh will have a term of three years. To be able to create objective regulations, the association is made up of members from virtual currency exchanges, public institutions, among other businesses actively interacting with blockchain and cryptocurrency products and or services.
South Korea is increasing its regulatory reach
As per the current regulatory framework in South Korea, cryptocurrencies are yet to be recognized as legal tender and crypto exchanges are required to be registered by the Financial Supervisory Services before setting up shop in the country. However, regulations around the taxation of cryptocurrency proceeds in South Korea requires some polishing to clear some grey areas.
In the recent past, South Korea has been seeking to expand its blockchain and crypto regulatory framework to accommodate a larger section of the sector. For instance, by the end of 2018, the Financial Services Commission (FSC) had six crypto related bills sent to the National Assembly for discussion. Although the bills addressed various aspects, they seemed to have a common clause; the protection of crypto users in the country.
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