Financial Supervisory Service (FSS) Governor Yoon Suk-heon said he supported the creation of regulations on cryptocurrencies, including Bitcoin.

In a National Assembly audit and inspection of the organization last week, the governor said he told lawmakers of the National Policy Committee that he favored the establishment of regulations on cyber currencies as soon as possible.

He said, however, that it is difficult to categorize cryptocurrencies as financial assets. He said he favored classifying cryptocurrencies as code assets.  “As there are no unified global rules, it is difficult to list cryptocurrencies as financial assets,’’ he added.

Yoon said the FSS has no legal authority to regulate irregularities linked with cryptocurrencies as there are no laws and regulations on these cyber currencies. At this stage, it is the prosecution, not the FSS, that deals in crimes linked to cryptocurrencies, he said.