New Head of South Korean FSS remarks advantages of Crypto

The newly stated head of South Korea’s Financial Supervisory Service (FSS) said he notes “some positive aspects” to cryptocurrencies in a press conference 
07 May 2018   2933

As local news outlet The Korea Times reported, the governor also declared the FSS will be laboring on crypto regulatory “issues” in cooperation with other regulators. Yoon Suk-heun, who will officially start his work on May 8, claimed that better crypto regulation “would produce” the kind of secure financial system that makes crypto-related products more accessible. After South Korea prohibited anonymous trading on domestic crypto exchanges in December of this year, hearings widesprode that an all-out crypto ban in the country was imminent, a claim denied by South Korea’s Finance Minister in January.

Yoon did not response a question about how the FSS will operate with domestic crypto exchanges, vice replying that “there are a lot of issues that need to be addressed and reviewed. We can figure them out but gradually.” After the non-anonymous trading prohibition was appointed – which also banned non-resident foreigners and South Korean citizens under 18 from trading – the “daily transactions of cryptocurrencies plummeted to around 400 billion won from 4 trillion won before the financial regulators implement the new regulation," VP of South Korean exchange Bithumb Lee Jeong-ah told The Korean Times. 

But you can't entirely kill the markets by simply imposing regulations. What the new FSS chief should think about is how the regulators should provide remedies to help crypto trading and blockchain technology get better. 
Spokesperson, 
UpBit,
South Korea

South Korean government authorities were forbidden from both trading and holding cryptocurrencies in March of this year. More recently, in one of the first more friendly moves relatively to crypto sphere, a group of South Korean lawmakers presented a law to make the domestic launch of Initial Coin Offerings (ICO) legal, albeit supervised strictly by the Ministry of Science and ICT and the Financial Services Commission (FSC), which leads the FSS. 

Binance to Launch Fiat-to-Crypto OTC Trading

Binance co-founder also said that the exchange will also add support for OTC trading for the renminbi to increase domestice market presence
20 September 2019   44

Binance cryptocurrency exchange will launch over-the-counter trading (OTC) with fiat currencies within a month, CoinDesk reports.

Binance co-founder He Yi stressed that the exchange will also add support for OTC trading for the renminbi in an attempt to increase its presence in the Chinese market.

Soon, Binance will introduce a payment service that will allow customers from 170 countries to buy cryptocurrencies for fiat on Binance.com.

The exchange launched an OTC platform at the beginning of the year, and in July Binance added a “block trading” service that allows traders to carry out transactions from 10 BTC.