Hanbitco CEO Sunga Kim elected Chairwoman of Korea Blockchain Association Exchange Committee
Sunga Kim was appointed the new chairwoman of Korea Blockchain Association (KBA) Exchange Committee in 2019 September 17. It was a landslide victory over Kim Si -duk the CEO of Huobi Korea.
Sunga Kim stepped into the industry working as a PM in Korbit, later she worked as a global fund director for a crypto currency trading & funding company ELJOVI. She has been in charge of Hanbitco as CEO since January 2019, becoming the first female CEO of a crypto exchange in Korea.
What is Korea Blockchain Association?
Korea Blockchain Association’s role in influencing Korean blockchain regulation is constantly increasing. Its main goal is to support sound development of blockchain and cryptocurrency industry in Korea. By establishing self-regulatory environment and lobbying with the government to adopt the regulation. KBA consists of 18 different compounds.
KBA works as an intermediary for the government, Financial Services commission and crypto exchanges.
Explaining why the top 6 Korean exchanges (Hanbitco, Upbit, Korbit, Bithumb, Coinone and Gopax) are actively participating in KBA’s activities.
The Association got a new boost with the appointment of Oh Gap-soo as the new President of KBA in June 24, 2019.
Oh Gap-soo is redefining blockchain and crypto in Korea.
When president Moon ran for presidency, he founded the ‘Financial and Economic Commission’ and scouted Oh-Gap-Soo as the chairman. Chairman Oh served as a high-ranking official of the Financial Supervisory Service during the IMF financial crisis. He served as a key officer in charge of overcoming the crisis.
With Mr. Oh as the President of KBA the expectations are high for the change in attitude towards blockchain and crypto. CBCNews famously reported (in Korean) that:
“Currently, the authorities close to the cryptocurrency and blockchain industries, such as the Financial Services Commission, the Justice Ministry, and the Ministry of Information and Communication, define cryptocurrency as speculation and seek to nurture blockchain. industry. The industry is calling for a change in perception that cryptocurrency and blockchains are inseparable. It is a scene that Mr. Oh is interested in how much he can infuse government policy change”
High hopes for crypto regulation adoption in 2020
Being the chairwoman of KBA’s exchange committee, Sunga Kim is advocating for transparent and friendly crypto regulation in Korea.
During her inaugural speech she stated:
“[she] will do her best to achieve the common goal of securing the legal status of exchanges and increasing the size of the pie for the cryptocurrency industry through shared growth.
We are looking forward to push ahead the regulation of ‘Act on Reporting and Using Specified Financial Transaction Information,’ a.k.a. The Financial Transactions Reporting Act (FTRA).”
If this regulation passes there would be big changes in the crypto environment in Korea. One of the most important requirements for FTRA is the Information Security Management Systems (ISMS) Certification, that only 6 Korean exchanges received. Thus, with Sunga Kim as chairwoman of KBA exchange committee, Hanbitco is looking forward to this regulation so we can set an example for a safe and transparent crypto exchange environment in Korea and abroad.
