Yong-beom Kim, who served as the First Vice Minister of South Korea Ministry of Economy and Finance from 2019 to 2021, has accepted to take on the role of Chief Executive Officer at the blockchain and digital technology research institute Hashed Open Research. The purpose of this entity is to facilitate communication between local crypto specialists and the government.
According to a document, the primary responsibility that Yong-beom Kim would have as a top executive of Hashed Open Research will be to facilitate a fruitful dialogue between participants in the Korean crypto market and domestic policymakers.
Kim made a solemn commitment to contribute his vast expertise to the development of the company. Additionally, on his to-do list are the organization of in-depth seminars and research-related endeavors.
South Korea could compete with the United States: Kim
According to the ex-government official, there is potential for South Korea to reap substantial benefits from the implementation of comprehensive regulations in the domestic digital asset market. Kim said that the development of the crypto industry combined with the country’s goal for advanced tech might bring South Korea up to the same level as the United States.
The former Vice Minister is well recognized as a leading authority in financial services. Throughout the course of his career, he held the positions of Vice Chairman of the Financial Services Commission (FSC) and Chairman of the Securities and Futures Commission (SFC) under the FSC.
During the crypto winter of 2018, Kim advocated for the implementation of special rules on the space in order to prevent criminals from using the asset class in their illegal activities.
It was announced in 2019 that he would be taking over as the First Vice Minister of the Korean Ministry of Economy and Finance. As a consequence of this, he recommended that local cryptocurrency exchanges ought to be subject to maintenance and taxation.
As TheCoinRise reported, the highly-anticipated crypto tax law in South Korea has been further postponed to 2025, leaving crypto investors with some relief. The regulators are also working on a comprehensive set of regulations for the citizens to safeguard them from crypto crimes and prevent illicit activities like money laundering.
