South Korea to revisit policies on cryptocurrency and blockchain

Asian countries including China and Korea are very skeptical about adopting cryptocurrencies on a wide scale. But it seems like they will soon adopt a lenient behavior towards them. We can make this deduction by seeing that South Korea has agreed upon examining the regulatory frameworks regarding cryptocurrencies.

Recent news suggests that South Korea will be introducing some amendments in the crypto space to adopt it later on. The new amendments will be made keeping in mind the motivation to grow and flourish the crypto space. The regulations and communication of crypto space with the government will be highlighted. A proposal was made that both the government officials an officials from crypto space should work together to plan and create the amendments to be made.

Song-Hee-Kyong in a conference gave a statement regarding the matter saying that the major problem is that the government wishes to give cryptocurrencies the same treatment it gives fiat currencies as if they are the same thing. Understanding that cryptocurrencies work in different ways and are different than normal government regulated currency is the solution.

Other people present in the conference agreed with his opinion and wanted to to do their part to make crypto space grow and flourish.

However, concerns were voiced about the fact that government should not make reckless mistakes and take proper measures so as to not face the risks that are associated with adopting crypto space.

In 2018 South Korea’s FSS banned Initial Coin Offerings following the footsteps of China. The ban was justified by the government by stating that it saw some financial risks that were associated with the practice and called it similar to gambling. And it seems like the ban on’ be lifted any time soon.

South Korea’s SPO has put together a task force that is responsible for preventing any crimes and fraud that occur in the crypto space. This was done to tackle the increasing rate of crypto scams and frauds in Asia and globally.