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South Korea’s Financial Services Commission (FSC) has proposed new legislation to its financial regulations that would give the watchdog more authority over the local crypto sector.
The amendments, announced on Monday, aim to address pain points in the current law and strengthen the FSC’s oversight of crypto companies.
One of the key changes proposed is a requirement for new executives at South Korean crypto companies to obtain regulatory approval before assuming their duties.
Under the proposed amendments, new executives would need to submit personnel change applications to the FSC, and they would not be able to start work until the FSC approves their applications.
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This would give the FSC more control over the hiring practices of crypto companies and allow it to vet potential executives for suitability.
In addition, the amendments would empower the FSC to revoke a company’s registration if it violates the Act on Corporate Governance of Financial Companies by improperly electing an executive.
This would effectively bar individuals who have been convicted of certain crimes from becoming executives at crypto firms.
The proposed amendments are set to undergo revision by the Ministry of Government Legislation and a voting process by the FSC. They are expected to be enacted by the end of March.
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