Current movement of Korean government following Cryptocurrency

Hi, this is @hca.

Nowadays, one of the hottest issue is obviously Cryptocurrency. And in this situation, Korean government also have an interest in this topic.

It is better, if there is only good news about cryptocurrency. But in reality, news show about negative things such as hacking, speculation or using coin as a way of hiding the illegal profit.

So today, I want to talk about atmosphere of government and related government body.
Actually, when it comes to only about current of gov., they also have nothing to decide so that it’ quite difficult to know about their next step

Instead, let me know about related government body.

First, ‘Financial Services Commission’ and ‘Financial Supervisory Service’ have responsibility to directly handle about cryptocurrency.

Those two organizations were formed when the MB, formal president of South Korea, was elected, by merging the supervisory functions of the Financial Supervisory Commission and the financial policy

functions of the Financial Supervisory Commission (including the Public Funds Management Committee and Financial Information Analyst) at the Presidential Acquisition Committee.
At the same time, it prohibits the appointment of the chairperson of finance chairperson and the supervisor of the financial supervisor, thereby separating the policy function from the executive function.

In short, the FSC is the government agency that determines the financial policy, and the FSS is the financial public entity that enforces the financial policy.
I think it would be more comfortable to say that the employees on the finance are civil servants and that the staff of the FSS are financial aviation employees (civilians).
Some people might confuse to understand, but don’t worry, that’s normal ^^;

In fact, in the June 1 issue of the Daily Economy on page 16, the article on the third tranche, Financial Authorities canceled one-way virtual money conferences, industry embarrassment, mentioned that the FSS and the FCS are experiencing disagreement with virtual money.

Meaning, they argued because of confusing of this issue
Now, Choi Jonggu is nominated yesterday as a successor of Lim Jongryong, head of FCS.
So it might need a long time to sure on movement of FCS.

Okay, just say that status of virtual money is decided by FSC, then who care about the hacking which is rising issue of these day?

The answer is High-tech Crimes Department of South Korea prosecutor, KISA or Korea Internet Security Agency and KCC or Korea Communications Commission.
I choose cute(?) logo of prosecutor, but South Korea Prosecutor is really frightening where take downthe politician or conglomerate.
Recently, Park Geun-hye, formal president of South Korea and Choi sun-sill, star of last Korean scandal were investigated in here.

Korea Internet Security Agency, KISA, is responsible for infringement of privacy information except government agency. They usually check the internet 24/7 and move when hacking is happened.

On a side note, I saw the monitoring situation, China try to hack Blue House website deeply.
China IP meaning is included North Korea. Someday, we would see the news of North Korea who is intensely interested in cryptocurrency and try to hack about it.

Lastly, KCC is also care about cryptocurrency, but just a little. They put more effort at broadcasting.
Now, Korea exchange such as Bithumb, CoinOne, Kobit etc. are registered as a mail-order firm.
it is same as just another shopping-mall. However, exchange handle a bunch of money (1/3 of KOSDAQ) and prosecutor think that it is almost same as E-Commerce, they keep an eye on exchange with tool for tracing the history of trading.
But still it is difficult to catch hacker. Even arresting a few of voice-fishing criminals is all.
However, prosecutor need to show their effort to catch criminal of cryptocurrency like when they cooperate other countries police in order to take down the other bad

guys.
In the past, I had a time to call with FCS man and worked with FSS, prosecutor and police. It is quite difficult to write down here for explaining my memory.
Anyhow, today we covered roughly about current of FSS, FSC, prosecutor, KISA and KCC. There is no decision yet following manager of FCS.
Even cryptocurrency is rapidly changing so that it’s hard to follow stream with the writing.

Later, I will be back with the new post when detail movement of government is out.
Thank you.