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Eun Sung-soo promises ‘active support for the adoption of exchange registration’

Eun Sung-soo, nominee to head the Financial Services Commission, expressed his intention to support legal reforms to obligate the registration of cryptocurrency exchanges and other polices that will enhance transparency in cryptocurrency transactions. “Supervising cryptocurrency exchanges is necessary to increase transparency according to an internationally agreed set of rules,” he said in a written document submitted to the National Assembly Aug 28. Plans to follow the government’s direction Delivered a day ahead of Eun’s confirmation hearing on Aug. 29, the document contained responses to questions submitted by Democratic Party Lawmaker Kim Byung-wook. In his answer, Eun repeatedly highlighted the danger of the cryptocurrency market. He made a clear stance that his directions will align with the government’s — while overheated speculation and illegal activities will be harshly punished, developing relevant technology including blockchain will receive hands-on support. Responding to a question to the closure of cyptocurrency exchanges, Eun said he will “push for active discussions on legal reforms that contain the obligation of currency registration.” In another document submitted on Aug. 27, he pointed out the necessity of legislating the “Act on Report on and the Use of Specific Financial Transaction Information,” currently pending for approval at the National Assembly. Eun also mentioned that Lawmaker Kim’s reform plan best reflected the Financial Action Task Force (FATF)’s international standards. Below are excerpts from the document. What are your thoughts and future directions on crypto asset markets? □ As there is variety of views on cyrptocurrency, I believe the starting point should be having a balanced perspective. * It is true that with our transition into a digital economy, the possibility of cryptocurrency as an alternative payment method and the usage of blockchain have spurred active discussions * But cryptocurrency entails questions like (i) its relation to traditional currency policy (ii) money laundering (iii) issues in investor protection like overheated speculation and fraud — and therefore should be considered in a comprehensive manner. < Policy directions for cryptocurrency > □ In my knowledge, cryptocurrency issues are covered by a large range of ministries under the lead of the prime minister’s office. I believe we should respond in accordance with the government’s overall policy directions. ※Policy direction ① Overheated speculation and illegal activities in cryptocurrency are strictly punished ② Areas like IPOs that entail risks such as money laundering and investor damage will be continuously regulated ③ Participation in global discussions and devising a regulatory framework to abide to international standards* *Following the FATF having set international standards on money laundering prevention in June, regulatory reforms including the special financial act, which Rep. Kim proposed in a bill in March, are underway ④ Blockchain technology irrelevant to cryptocurrency will receive policy support across all ministries such as the sandbox program or R&D funding

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