South Korea's FSC Nominee Says Past Crypto Chaos Calls for Strong Investor Protection

Kim Byoung-hwan, the nominee for head of South Korea’s top financial regulator, the Financial Services Commission (FSC), expressed caution about corporations holding bank accounts for cryptocurrency transactions. Speaking at a parliamentary session on Monday, Kim, a former vice finance minister, emphasized: “Taking into consideration the chaos we have experienced in the virtual asset market in the past, the current policy should prioritize investor protection.” He stressed the need to carefully evaluate the appropriateness of corporate or institutional involvement in cryptocurrency transactions. When asked about approving spot bitcoin exchange-traded funds in South Korea, Kim maintained his cautious stance, highlighting the need to consider financial market stability and the potential impact on financial institutions.