President-elect’s crypto plans disappoint S.Korean fintech body

President-elect’s crypto plans disappoint S.Korea fintech groups

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The Korea Society of Fintech & Blockchain (KSFB) and the Korea Digital Asset Service Provider Association (KDA) labeled President-elect Yoon Suk-yeol’s cryptocurrency policy proposals as disappointing for leaving out crucial objectives.

See related article: S.Korea’s incoming administration pushes to end ICO drought

Fast facts

  • South Korea’s incoming right-wing administration released 110 national tasks on Monday which included supportive policies on cryptocurrencies, contrasting outgoing Moon Jae-in administration’s ambivalent stance on crypto.
  • The new policies omitted the establishment of a government agency dedicated to digital assets and detailed plans on promoting the cryptocurrency market, the fintech groups said in a statement. 
  • The associations were “very disappointed” at the lack of a negative regulatory system — a structure that defines what is prohibited while permitting the rest — which Yoon had asserted on several occasions. 
  • A negative regulatory system supports innovation as it would grant companies’ freedom to pursue all aspects of business except for what is banned, the associations argued.  
  • However, the KSFB and KDA welcomed the administration’s inclusion of digital assets in its roadmap and preparing the groundwork for the approval of initial coin offerings (ICOs), and applauded the proposal to establish the Basic Act for Digital Assets. 
  • Yoon takes office on May 10. 

See related article: A crypto bull wins the presidency: What it means for South Korea

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