Korean fintech agencies ‘disappointed’ over president-elect’s crypto plans

South Korea’s fintech agencies have frowned upon incoming president Yoon Suk-yeol’s cryptocurrency policy, which has seemingly disregarded important concerns, reported Forkast.

While Yoon, who’s set to start his term on May 10, released 110 national tasks that had policies on cryptocurrency, establishing a government agency for digital assets was not included.

The Korea Society of Fintech and Blockchain and the Korea Digital Asset Service Provider Association were “very disappointed” with this move, as Yoon has previously mentioned a move toward a negative regulatory system. This would have established what firms cannot do with cryptocurrencies, leaving firms free to explore various opportunities in the space aside from what is banned.

However, the fintech groups have lauded other parts of Yoon’s plans. These include the establishment of the Basic Act for Digital Assets, the inclusion of digital currencies in the government’s roadmap, and the groundwork for initial coin offering approvals.

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