TechFlow reported that on Monday, the South Korean Financial Services Commission (FSC) proposed a new amendment requiring senior executives at cryptocurrency firms to obtain regulatory approval before taking office, potentially granting financial regulators greater authority over the local crypto industry.
In its announcement, the FSC stated it intends to "improve" existing laws governing the local cryptocurrency sector by addressing current regulatory gaps. If enacted, newly appointed executives at South Korean crypto companies would not be allowed to commence their duties until the FSC approves their personnel change applications—a requirement not currently detailed under the country’s laws on financial transaction reporting and usage.
According to local news outlet Money Today, the amendment will undergo revisions by the government's legislative affairs division and then proceed to a voting process within the FSC, with enactment expected by the end of March.
