South Korea’s FSC has decided to strengthen scrutiny over the crypto market.
The move intends to confront the market’s increasing volatility following the US election.
The Federal Reserve’s recent interest rate cut has also affected market volatility.
On November 8, 2024, South Korea’s Financial Supervisory Service (FSS) Governor, Lee Bok-hyun, announced plans to tighten oversight of the crypto market following the U.S. election results. The regulator is also focusing on stock market movements tied to the re-election of U.S. President Donald Trump. Heightened volatility in the crypto sector has prompted stricter regulations to address investor concerns.
South Korea has been actively working to expand its crypto market while prioritizing investor protection. The country’s efforts include an investor protection act, investigations into market manipulation, and initiatives supporting strategic crypto projects. As the crypto market has seen increased volatility, especially in lieu of the US elections and the Federal Reserve’s monetary policy adjustments, South Korea is strengthening its regulatory framework.
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