Eun Sung-soo: "Investment Funds Protected When Using Registered Cryptocurrency Exchanges"
Financial Services Commission Chairman Eun Sung-soo delivers a congratulatory speech at the 10th 2021 Seoul Asia Financial Forum held on the 25th at the Westin Chosun Hotel in Jung-gu, Seoul, under the theme of future financial innovation and sustainable growth. Photo by Moon Ho-nam munonam@
View original image[Asia Economy Reporter Jin-ho Kim] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 26th, "Investment funds of investors trading through virtual currency operators who have completed registration with the government by September will naturally be protected."
Chairman Eun made these remarks after attending the 'Korea Fintech Week 2021' event held at the Conrad Hotel in Yeouido, Seoul, in the morning and meeting with reporters.
Chairman Eun said, "It is clear that we cannot protect against virtual currency price fluctuations," but added, "There are various concepts of protection, and regarding whether the money entrusted by customers is protected, the revised Special Financial Transactions Act has been in effect since March."
He continued, "According to the law, virtual currency exchanges must register by September 25 with accounts that can verify customers' real names, and once customers deposit money into registered exchanges, the funds are completely segregated so they cannot be withdrawn improperly."
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Regarding the relaxation of the loan-to-value (LTV) ratio regulation on mortgage loans for actual demanders such as youth, he said, "There was consultation within the government and no major disagreements," adding, "The announcement is a matter to be discussed with the ruling party, so please wait." He refrained from commenting on the appointment of the next Financial Supervisory Service chief. Chairman Eun said, "We are trying to appoint a good person," and added, "Personnel matters are difficult to discuss at any time, so please understand."
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