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Author Topic: [2018-05-16] South Korea Will Focus ‘Positive Aspects’ of Crypto, Soften Policy  (Read 23 times)
Terraformer
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May 16, 2018, 11:06:03 AM
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South Korean regulators and officials are likely to relax their approach to regulating cryptocurrencies, starting with classifying them as ‘financial assets’.

There’s a July deadline looming for G20 nations after policymakers called for recommendations for regulating cryptocurrencies, seen as ‘financial assets’ by the economic leaders from the world’s twenty largest economies.

South Korea’s regulators, however, have previously classified cryptocurrencies as ‘non-financial assets’ due to their speculative nature. It is becoming increasingly apparent that Korea is likely to shift its stance with a friendlier policy as the country’s financial watchdog promises to “improve things” on the regulatory front.

As reported by the Korea Times, the Financial Supervisory Service (FSS) –  Korea’s financial watchdog – acknowledged the G20’s unified stance meant that Korea would have to change its policy, stating:

“It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance [in Korea], this isn’t good, but we will step up efforts to improve things.”

The statement falls in line with recent remarks from Yoon Suk-heun, the new governor of the FSS, who said that an internal study on cryptocurrencies identified ‘positive aspects’ that could lead to relaxed regulations in the near future.

“Regarding cryptocurrencies, there are some positive aspects…” FSS chief Yoon said during his ceremonial swear-in last week. Notably, the FSS was the same authority to carry out a ban order that completely curtailed initial coin offerings (ICOs) in the country in September 2017.

These positive developments for the cryptocurrency space come at a time within weeks of a legislative effort by Korean lawmakers who are drafting a bill to legalize the launch of new cryptocurrencies and ICOs in the country.

https://www.ccn.com/south-korea-will-focus-positive-aspects-of-cryptocurrency-soften-policy/

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May 16, 2018, 11:51:45 PM
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That would be some great news for the price of all cryptos... Korea is a great market for cryptos as well as a great technological driver.

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May 17, 2018, 01:30:19 AM
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Impressive and a very smart move by Korea. This is one cool breeze blowing all cryptocurrencies to prepare their bulls towards take offs. With time, most of the Asian countries like China and India will reverse their statements and embrace cryptocurrency in full.

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May 17, 2018, 02:48:04 AM
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They can see that some countries are slowly accepting it may it be a developed or a developing country that's why they are softening their rules cause it would be also for their own advantage. With more companies considering blockchain technology which is the backbone of cryptocurrency, it would just be wise to just regulate cryptocurrency and recognize it instead of banning it since more people are using it and they can get a share of the income. Being strict with the policy is good since it will prevent those scammers or at least lessen it to protect the investors but there are times when a policy should be adjusted to be more "friendly" to the crypto enthusiasts.


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