The Financial Services Commission (FSC) of South Korea has proposed changes to cryptocurrency regulations aimed at enhancing authorities' investigative powers over crypto businesses. One proposed change requires newly hired personnel in cryptocurrency-related organizations to obtain certified approval before starting their roles.

According to an official statement by the FSC, additional modifications to current cryptocurrency regulations are under consideration. If enacted, new hires in the cryptocurrency sector would need FSC approval before their appointments can proceed.

The Ministry of Government Legislation will oversee the revision process, followed by a voting procedure by the FSC. The changes are anticipated to take effect in late March, as reported by Money Today.

Moreover, the proposed amendments seek to empower the FSC to pause the evaluation of license registrations for cryptocurrency companies if there are ongoing investigations by local or international regulators into the organization or its employees.

In response to FSC concerns, Binance reportedly announced plans to reduce its ownership in the South Korean exchange Gopax, where it is currently the largest shareholder. The FSC's caution might stem from Binance's legal issues in the US, which could affect Gopax's structural changes pending approval.

The FSC is seeking public feedback on the proposed modifications, with the feedback process open until March 4, 2024.