FSC Chairperson Candidate Does Not Recognize Cryptocurrencies as a Financial Asset – Bits Media

Candidate for Chairperson of the South Korea Financial Services Commission (FSC) Ko Seung-bong (Koh Seung-beom) considers, that cryptocurrencies do not fit the definition of a financial asset.

Meeting with local reporters Ko Seung-bong
stressed, that experts on financial technologies from large organizations like a large twenty and IMF “find it difficult to consider virtual currencies as a financial asset, since cryptocurrencies cannot perform the functions of currencies ".

Investors from South Korea, Especially young, more and more often invest in cryptocurrencies. Many are looking for fast profit, but often people invest in digital assets, To deal with the rapid increase in real estate prices. At the moment, the volume of mortgage loans issued in South Korea is $1.52 trillion. This becomes a restraining factor for the growth of the country's economy.

but, South Korea regulators are crushing more tougher on cryptocurrency companies. The new rules for regulating the cryptocurrency industry led to that, what 11 Korean exchanges are on the verge of closing. And if to the son-ba become the chairman of the FSC, then it is hardly worth expecting the softening of the regulation of the industry.