Cryptocurrencies, South Korea ready to legitimize them? The Asian country increasingly close to regulating cryptocurrencies.
La South Korea continues to take important steps forward towards the legitimacy of the criptovaluta, within a careful and well thought out approach.
As early as May 19th Bitcoinist had reported that Korean lawmakers had agreed to apply all the G20 "unified regulations" regarding cryptocurrencies. The South Korean Financial Supervisory Service (FSS) at that time stated that
It is almost certain that cryptocurrency they will be classified as assets, and the main problem will be focused on how to properly regulate them within the unified framework that will be agreed between the G-20 nations. Given the current position, the context is not positive, but we will intensify efforts to improve things.
More recently, Korea Times reported that the country's lawmakers are actually geared towards easing cryptocurrency regulations, by virtue of the fact that the Financial Services Commission (FSC) has revised its guidelines for cryptocurrency exchange operators.
An official told South Korea's oldest English-language newspaper that
The FSC has made revisions to its rules to apply enhanced policies to prevent or detect money laundering and illegal activities, without opposing cryptocurrencies.
Another officer told the same newspaper that
Establishing unified rules is a complicated matter, given the widest range of assessments between government agencies. This is why the country needs close international cooperation. However, we are still in the early stages of the guidelines for fine-tuning.
The government's position and actions so far indicate an interest in encouraging blockchain technology and the growth of cryptocurrencies, but not at the expense of security and security. A senior government official told the newspaper in this regard that
A turnaround in policies is unlikely to occur, but the government appears to believe that a gradual change in attitude towards crypto-based assets is needed. What regulators should do is figure out how to regulate the area fairly and prudently, as Korea needs to put more emphasis on blockchain technology after gaining knowledge and understanding of the possible downside in the negotiation of criptovalute.
The government report comes shortly after South Korea has decided to recognize cryptocurrency exchanges as legal entities, consolidating their position in the local economy.
