According to reports, Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), and Lee Bok-hyun, the head of South Korea’s Financial Supervisory Service (FSS), will meet to talk about cryptocurrency regulation.
A story published on December 18 in the South Korean news site Chosunbiz states that Lee intends to set up a meeting with Gensler during his January visit to the SEC.
According to reports, the FSS director will talk about the state of the cryptocurrency sector and how supervisory laws are affecting it. A South Korean government official who wishes to remain anonymous stated, “[R]egulatory cooperation between countries is important for borderless virtual assets.”
The timing of the conference is crucial for the financial regulators of both countries. The SEC may approve various spot Bitcoin exchange-traded vehicles in January, according to numerous expert predictions.
In July 2024, the FSS was also scheduled to put policies into effect concerning cryptocurrency investors’ deposits of money into exchanges and the way businesses handle those transactions.
The extradition of Do Kwon, a South Korean national and co-founder of Terraform Labs, is another point of contention between the United States and South Korea.
Due to using forged travel documents, the other co-founder of Terra was detained in Montenegro in March and given a four-month prison sentence. Reports at the time of publication indicated that Kwon might be extradited to the US before South Korea.