FSC chairman proposes licensing system for crypto exchanges

Lee Eok-won, chairman of South Korea's Financial Services Commission (FSC), has proposed shifting the country's crypto exchanges to a formal licensing system as part of a broader policy to enhance the attractiveness of its capital markets, Financial News reported on Jan. 28. The chairman officially raised the proposal during a regular press briefing, suggesting the change from the current registration-based model be included in the Digital Asset Basic Act, widely known as the second phase of the crypto legislation. Under existing law, crypto exchanges must renew their business registration every three years. The proposed licensing system is intended to strengthen the status, role, and responsibilities of these trading platforms.