Koh Seung Bom, a nominee for the chairman of South Korea’s Financial Services Commission (FSC) does not see crypto as a financial asset. In a recent <a href="https://www.koreatimes.co.kr/www/biz/2021/08/367_314460.html" target="_blank" rel="nofollow noopener">press meeting</a>, Koh asserted that many international agencies, including the G20, “find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency.” 
<h2>Korea’s Next FSC Chairman Rejects Crypto As Financial Asset</h2>
South Korea, a <a href="https://www.cryptoknowmics.com/news/samsung-will-participate-in-south-koreas-cbdc-trial/">nation</a> at forefront of technological advancement, has been ahead of many of its Asian peers in terms of crypto adoption. According to The Korea Times, many young people in the country are pumping money into digital assets, hoping for higher returns. Some of them insist that their incomes are simply insufficient to afford a home in a skyrocketing real estate market.

That being said, the country’s crypto industry is in the hot water with the FSC, which has made it necessary for exchanges to partner with banks and obtain a security certificate from the internet security agency.  

The regulator also has other plans for digital assets and Koh could play a vital role in overseeing their execution. 

Although Koh’s latest comments seem dismissive of crypto, they are not very different from the views expressed by current chairman Eun Sung-Soo, who previously said that “cryptocurrencies, which have no intrinsic value, are not a real currency.”
<h2>Crypto Businesses That Fail to Comply With Guidelines Risk Prison Sentence</h2>
In July, the government of South Korea had indicated that any crypto businesses that fail to register with the authorities by September 24 could face a hefty fine or prison time. 

As per the Specific Financial Information Act, crypto exchanges that operate without registration can be punished with up to five years in prison or a penalty of $43,500. 

Earlier this month, 11 mid-sized crypto exchanges ceased their activities since they failed to open real-name bank accounts for their customers. As of now, only Bithumb, <a href="https://www.cryptoknowmics.com/news/upbit-is-the-first-crypto-exchange-to-apply-for-license-in-south-korea/">UPbit,</a> Coinone, and Korbit have completed the requirements specified by the FSC.

Korea’s FSC Chairman Nominee Thinks Crypto is Not a Financial Asset

Koh Seung Bom, a nominee for the chairman of South Korea’s Financial Services Commission (FSC) does not see crypto as a financial asset.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Korea’s FSC Chairman Nominee Thinks Crypto is Not a Financial Asset

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