The head of South Korea's financial regulator said the agency will ensure protection on initial investments for those who opened accounts and traded through cryptocurrency exchanges registered with the government.

Financial Services Commission(FSC) Chairman Eun Sung-soo made the remark to reporters on Wednesday, when asked if the regulator's position had changed regarding protecting cryptocurrency investors. 

While emphasizing that the government can't protect investors from the changing value of cryptocurrencies, the FSC chief said revised laws that went into effect in March will protect their initial investment.

As part of that law, all cryptocurrency exchanges are required to register with the FSC from September under strict requirements.

Eun previously took a more hardline stance, saying that the government can't protect those who invest in cryptocurrency since they do not have any intrinsic value.