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Cryptocurrencies

South Korea ponders over revising cryptocurrency regulations

Monday 8 April 2019 | 12:23 PM CET

The South Korean government is considering revising the regulatory framework on cryptocurrencies, according to local media outlet ZDNet Korea.

In September 2017, all ICO related activities in the country were banned by the Financial Services Commission (FSC). One year later, reports suggested that the authorities were considering lifting the ban in a bid to encourage innovation. Meanwhile, after a survey found certain projects violating the laws, the FSC announced in January 2019 that it does not plan to lift the ban.

At the Deconomy conference in Seoul, top government officials have reportedly said that it was about time to re-evaluate cryptocurrencies policies to encourage the growth of this emerging market. An official has also recommended relevant guidelines to be developed with inputs from stakeholders such as financial institutions, government-related organizations, as well as industry players, according to Token Post.

At the beginning of 2019, four South Korean exchanges – Bithumb, Coinone, Korbit, and Upbit – teamed up to fight potential money laundering and protect the interests of users.

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