South Korea is set to enforce a new regulation requiring crypto companies
A new rule requiring executives of crypto companies to get prior approval from the Financial Services Commission (FSC) is about to go into effect in South Korea, which is a big step in the direction of tighter regulation of the crypto market. South Korea intends to impose more regulations on the executives of crypto companies, mandating that they obtain authorization from the FSC, the nation’s financial regulator, before commencing their positions. By the end of March 2024, this new rule—which is a part of proposed changes to how crypto services report their activities—will be in effect. The FSC stated on