Presidential policy chief's exit fuels hopes for softer crypto regulation
Korea’s cryptocurrency industry is weighing the prospect of regulatory relief following the sudden resignation of presidential chief of staff for policy Kim Yong-beom, who had aggressively pushed to curb major shareholder dominance in local crypto exchanges, industry officials said Thursday. Kim submitted his resignation Monday amid continued criticism that single-stock leveraged exchange-traded…
Following the unexpected departure of Korea's presidential chief of staff for policy, Kim Yong-beom, the country's cryptocurrency industry is cautiously optimistic about potential regulatory changes. Kim's resignation, announced on Monday, came after he faced growing criticism over a series of measures he implemented, including restrictions on major shareholder dominance in local crypto exchanges.
These regulations, which included capping major exchange shareholders' equity at 20 percent, were designed to prevent excessive concentration of power in the hands of a few key investors. However, the industry widely believes Kim's influence played a crucial role in shaping the current regulatory landscape. Speaking to reporters on Thursday, an industry official said, "We hope his departure will lead to a softer stance on crypto regulation."
Kim, a former senior financial bureaucrat and former head of the crypto think tank Hashed Open Research, was set to take office in June 2025. However, President Lee Jae Myung accepted his resignation on Tuesday, with no successor named yet.
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