South Korea’s financial chiefs to discuss crypto regulations with the SEC’s Gary Gensler

LEE Bok-heon — South Korea’s Financial Supervisory Service Governor — is understood to be lining up a meeting in Washington with US Securities and Exchange Commission Chairman Gary Genlser.

The pair will meet next month to discuss Seoul’s regulation plans surrounding cryptocurrencies and digital assets.

South Korean financial authorities have moved much of their focus onto crypto following an explosion in digital asset firms and projects in the nation in recent years. The need for improved regulation in the East Asian country was highlighted in 2020 when entrepreneur Do Kwon went on the run from South Korea after the collapse of his Terra-Luna platform crashed the international crypto markets.

“We are coordinating specific schedules and agendas with the aim of strengthening cooperation between the two agencies,” a spokesman for South Korean financial authorities said.

Legislation for the country’s crypto users — which accounts for roughly a quarter of South Korea’s population — is scheduled to become active by August 2024.