South Korean Financial Regulator to Meet with SEC Chairman

In an eagerly awaited event, representatives from South Korea's top financial regulatory authority, the Financial Services Commission (FSC), are planning to convene with Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC). This pivotal meeting is scheduled for January 2024 and will occur in the capital city of the United States, Washington, D.C.

The primary agenda for this meeting is to discuss regulatory matters concerning the cryptocurrency industry. The rapidly growing cryptocurrency sector has captured the attention of South Korean regulators, making this meeting a significant milestone. It marks the inaugural meeting between these regulatory bodies, as they work to strengthen their collaborative efforts.

This year, South Korean authorities have been diligently crafting legislation to regulate digital assets, with a primary focus on safeguarding consumers, including cryptocurrency investors. These regulations are set to become enforceable starting from July 2024. Data from the KuCoin trading platform reveals that approximately 25% of the country's adult population, aged 18 to 60, actively invest in digital assets.

South Korea has faced challenges related to fraudulent activities within the digital asset space. These challenges prompted significant regulatory measures aimed at "taming" the cryptocurrency sphere. In 2022, Terra (LUNA), owned by South Korean crypto entrepreneur Do Kwon, experienced a significant crash, leading to a cryptocurrency market collapse. Investors incurred losses exceeding $40 billion.

In recent days, the appellate court of Montenegro approved a request by Do Kwon and his legal representatives. The decision effectively nullified his extradition to either the United States or South Korea. Procedural violations during the hearings were cited as the reason for overturning the verdict, ultimately sparing the businessman from extradition.