South Korean president-elect’s crypto plans disappoint fintech groups: report

The Korea Society of Fintech & Blockchain (KSFB) and the Korea Digital Asset Service Provider Association (KDA) said President-elect Yoon Suk-yeol’s cryptocurrency policy proposals were disappointing because they left out crucial objectives, Forkast reported on Friday.

Yoon will take office on May 10. 

While the incoming administration released 110 national tasks earlier this week that included supportive policies on cryptocurrencies, it omitted the establishment of a government agency dedicated to digital assets and detailed plans on promoting the cryptocurrency market, the groups said in a statement. 

They were especially disappointed at the lack of a negative regulatory system, a structure that would define what is prohibited while permitting the rest, as that would allow companies’ freedom to pursue all aspects of business except those specifically banned.  

Still, the groups welcomed the inclusion of digital assets and preparing the groundwork for the approval of initial coin offerings (ICOs). More than 10% of the South Korean population holds crypto.