(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] On September 6, South Korea’s Financial Services Commission (FSC) announced updated guidelines regarding cryptocurrency holdings for its staff. According to the new rules, officials in grades 5 and above are prohibited from owning or trading cryptocurrencies, while officials below grade 4 are allowed to engage in such activities.

The updated guidelines, which were published on September 5, specify that departments responsible for overseeing virtual assets, including the Capital Markets Division, Asset Management Division, Fair Markets Division, Capital Markets Investigation Division, Banking Division, Virtual Assets Division, and Financial Intelligence Unit’s Virtual Assets Inspection Division, are all subject to these restrictions.

Additionally, senior positions such as the Chairman of the FSC, the Secretary General, the Director General of the Capital Markets Bureau, and the Director of Digital Financial Policy are included in the restricted categories. The new regulations also extend to the newly established Virtual Assets Division and the Digital Financial Policy Director, introduced with the implementation of the Virtual Assets User Protection Act in July.

 

 

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