South Korea’s new amendment requires crypto company executives to obtain regulatory approval before taking office

According to The Block report, the South Korean Financial Services Commission (FSC) proposed a new amendment on Monday, requiring new executives of cryptocurrency companies to obtain regulatory approval before taking office.

FSC stated that it intends to improve the current legal difficulties in regulating the local cryptocurrency industry. If the bill is passed, new executives of South Korean cryptocurrency companies will not be able to start working immediately until the FSC approves their personnel change application.