According to a report published on Wednesday by the Korean news outlet ChosunBiz, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, will meet with the chief financial regulator of South Korea in Washington, D.C. next month.
Gensler and Governor Lee Bok-hyeon of the Financial Supervisory Service will talk about cryptocurrency regulations, which are becoming a more important topic of concern for Korean regulators. This visit will be the two of them’s first meeting.
According to ChosunBiz, the FSS stated, “We are coordinating specific schedules and agendas with the aim of strengthening cooperation between the two agencies.”
This year, South Korea created laws pertaining to digital assets to strengthen consumer protections for cryptocurrency investors. The law will become operative in July of 2024. According to KuCoin data, nearly 25% of adults between the ages of 18 and 60 made cryptocurrency investments over the course of six months, making the nation one of the biggest markets for trading cryptocurrencies.
After widespread fraud in the digital asset market burned South Korea’s cryptocurrency traders, the nation’s regulators set out to tighten controls over the still heavily unregulated market. Do Kwon, a South Korean cryptocurrency entrepreneur, saw his Terra-Luna ecosystem fail in 2022, which led to a $40 billion collapse in the cryptocurrency market.