The Korea Blockchain Association (KRA), a regulatory body for the crypto industry in the Asian country announced this week that it has appointed as chairman, Oh Gap-soo, 70, former deputy of the Korea Financial Supervisory Service (FSS).
The new appointment which was first reported by the local news agency, Korea Times, would be introduced at the Association’s general meeting on June 24, replacing current KRA chairman, Chin Dae-Je.
Chin Dae-Je has reportedly held that role since the launch of the group in March 2018 and expressed a desire to step down during the KRA’s meeting held earlier this year.
Writing on the qualifications held by Chin’s replacement, Oh, the Korea Times noted that the latter currently works as the President of the Global Finance Society. In the past, Oh also held leadership roles at Standard Chartered Bank Korea and KB Kookmin Bank.
His appointment likely should bridge the gap between Korean regulators and the emerging industry given his previous involvements with other leaders in the country’s financial ecosystem.
One of Oh’s earliest assignment, however, would be to win back the hearts of crypto industry participants who as per the report criticized the Korea Blockchain Association for failing to represent their interests.
Precisely, the supposed lobby group failed to stop regulators from imposing a real-name trading policy on local cryptocurrency exchanges, a move that subsequently cooled investor’s interest in the cryptocurrency markets.
Meanwhile, despite the perceived decline of public interest in cryptocurrencies, Korea continues to record a handful of innovation blockchain adoption both in the public and private sector.
Last month, we reported that the country’s oldest bank, Shinhan Bank, adopted blockchain technology for its loan verification process, citing that the new invention saves time by facilitating real-time fund transfers.