South Korea not oppose cryptocurrencies

Posted 09 July, 2018

Seoul is said to consider some easing of the regulation for cryptocurrency segment following the guideline of the G20.

It is reported that the G20 members agreed on the deadline for the development of the single crypto segment rules. As a result, the latest date has been set for this July.

At the same time, South Korea’s Financial Services Commission and Financial Supervision Service revised certain main rules for the local platforms.

"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," as reported the media citing the official.

The officials also added that the regulation of the segment is a complex process, and in this context, the regulator wants to cooperate with the international authorities regarding this issue. Notably, the regulation authorities stated that they would not cross the official position of Seoul. Moreover, FSC added that cryptos would hardly be set in line with the traditional financial assets. 

For reference, earlier South Korean determined that cryptocurrencies should be classified as a non-financial product with speculative features.

As it was reported earlier, the digital coins market can be considered as the separate sector, while the local companies dealing with cryptos could be regarded as financial institutions.

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09 July, 2018 15:57

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