South Korea is continuing to legitimize and embrace cryptocurrency through a careful and considered approach.
The Korea Times has reported that the country’s regulators are indeed set to ease regulations regarding cryptocurrencies — as the Financial Services Commission (FSC) has revised its guidelines for cryptocurrency exchange operators.
One official told the oldest English-language newspaper in South Korea:
The FSC made revisions to its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because the regulator isn’t opposed to cryptocurrencies.
Another official stated:
Establishing unified rules is a complicated issue given the broader range of assessments between government agencies. This is why the country needs close international cooperation as it is still in the early stages of fine-tuning guidelines.
Government’s stance and actions thus far indicate an interest in encouraging blockchain technology and the growth of cryptocurrencies, but not at the expense of safety and security
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