Financial Services Commission Implements Strict Crypto Restrictions for Senior Officials
CryptoNewsTerminal Staff05 Sep, 2024
Financial Services Commission Implements Strict Crypto Restrictions for Senior Officials
The Financial Services Commission (FSC) has announced significant revisions to its policies, prohibiting 4th grade and above officials from holding cryptocurrencies. This move aims to strengthen ethical standards and prevent conflicts of interest within the regulatory body. According to the revised guidelines, all departments under the FSC, including the Capital Market Division, Banking Division, and Virtual Asset Division, are subject to these restrictions. Additionally, all positions of 1st grade and above, such as the Chairman of the FSC and Director of the Office, are prohibited from engaging in cryptocurrency ownership and trading. However, the FSC has recognized the need for officials at the 4th grade and below to conduct cryptocurrency transactions in the course of their duties. To accommodate this, the 'Financial Services Commission Public Officials Code of Conduct' was revised in June 2022, allowing such transactions under specific circumstances.
