Online Petition Moved in South Korean Seeking Removal of FSC’s Chairman

There is definite trauma going on towards the South Korean crypto industry by the Government. Not pleased with the Government’s actions against crypto, anger is apparent amongst the citizens. Citizens have now launched an online petition which will be signed by the general public as petitioners seeking removal of the Chairman of Financial Service Commission (FSC) over hate comments.

An online petition seeking the removal of the South Korean FSC’s Chairman has been initiated by citizens. Already, more than 143,000 people have endorsed the petition by placing their digital signatures on the petition. Apart from the main petition, there are already thousands of online petitions lodged with the Office of the country’s President on the official website. It was noted that the majority of the petitioners are people who are between the ages of 20-39.

All the petitions are against Eun Sun-soo who is the present Chairman of the FSC. The petitioners are of the view that the respondent does not deserve to chair the FSC as he has no professional acumen and therefore resigns.

The reason for such anger from the public is because of Sun-soo’s recent remarks regarding cryptocurrencies. A few days back, Sun-soo, reportedly stated that Bitcoin and every other digital currency like Bitcoin have no fundamental value.

But such remarks were not heard the first time in South Korea. In fact, government officials as well as several banks in South Korea have expressed similar remarks towards cryptocurrencies. However, this time the rhetoric has not been ignored by the citizens and they evidently opted to lodge petitions with the President’s office. The issue is apparently getting out of hand as more and more petitioners are demanding Sun-soo’s immediate removal from FSC’s chairmanship.

The situation got worst earlier when the South Korean Government introduced new crypto regulations. As per the new regulations, the government debarred youth from engaging in crypto trading. In addition, certain hostile policies were implemented upon crypto exchanges operating in the country. On 25th April 2021, another statement was made by Sun-soo in which he warned all the crypto exchanges of the country.

The Chairman noticed that there were hundreds of crypto exchanges that were operating without obtaining VASP licenses. He stated that till 20th September 2021 each crypto exchange has to ensure obtaining of VASP licenses. He also indicated dire consequences if someone failed to comply with the requirements of the FSC. Sun-soo suggested that a full-scale operation will be initiated against non-compliant exchanges which action may entail the closure of firms as well.

There are currently two main petitions which have been signed by more than 143,000 and 9,000  petitioners respectively.

There is yet another petition which seeks cancellation of law pertaining to crypto tax, which the Government intends to collect by 2022.