Categories: CryptoNews

South Korean Regulator to Implement More Lenient Cryptocurrency Regulation Soon

Regulation of cryptocurrency is a very touchy topic, for rather obvious reasons. Governments around the world want to curb the hype associated with Bitcoin and similar currencies. At the same time, they need to come up with a way to let this ecosystem thrive in the years to come. It appears officials in South Korea are looking to relax that country’s current regulatory requirements. That is a positive development for the industry as a whole.

South Korean Regulatory Changes

Similar to most other Asian countries, South Korea

has quickly made a big name for itself in the world of cryptocurrencies. Various exchanges in the country have begun making an impact over the past eighteen months. Companies such as Bithumb, Upbit, and Korbit have all become well-known companies, even though they are inaccessible to non-Koreans. That has not hindered their growth by any means.

Even so, the South Korean government has imposed some tight rules when it comes to cryptocurrency trading. It is an important first step toward regulating the cryptocurrency industry and bringing more legitimacy to currencies such as Bitcoin and Ethereum. These initial rules have not been perceived in a positive manner, as they seemingly impose restrictions upon cryptocurrency trading in general.

That situation will come to change in the very near future. Local news outlets have reported that Financial Supervisory Service (FSS) Governor Yoon Suk-heun confirmed the country will ease its cryptocurrency regulation fairly soon. The government has had time to review cryptocurrencies in detail and identified some changes which could help improve the country’s economy. He

Related Post
explained the situation as follows:

Regarding cryptocurrencies, there are some positive aspects… The FSS will collaborate with the FSC when an inspection of policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.

While it remains to be seen how these upcoming changes will affect cryptocurrency trading, the development has been perceived as rather bullish. Back in January of 2018, South Korea was clearly dominating the cryptocurrency trading space. This is one of the reasons why prices of Bitcoin and other currencies soared to new heights, as South Korean investors were pumping money into this booming ecosystem. Due to the government’s crackdown on trading, the subsequent drop in prices was to be expected.

If the situation turns around in South Korea, a positive impact on global cryptocurrency trading can be expected. Until we know more about what these changes will entail exactly, there will be plenty of speculation regarding the future of Bitcoin and other cryptocurrencies. Right now, their prices are not looking all that great, and a change is direly needed. It appears that change may be facilitated by South Korean regulators later this year.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Altcoin Alert: Crypto Market Cap Breaches Key Level Hinting at an 8000x Rally for this Shiba Inu Killer

Shiba Inu (SHIB) gave enormous returns in 2021, making many early holders millionaires. After the…

2 hours ago

XRP Crash? XRP Falls Below $0.5 Resistance Level as Next Gen Altcoin JetBolt Takes Over

Spooky season might be over but doom is still looming as Ripple’s XRP falls below…

5 hours ago

This New Exchange Token Is Poised for a Price Surge Alongside Cardano and Avalanche – Analysts Predict Huge Gains This November

Three promising altcoins are causing a stir among investors this November: Avalanche (AVAX), Cardano (ADA),…

5 hours ago

With Dogecoin Dipping and TRON Holding, Is Lunex the Hottest Crypto Now?  

Everyone knows what the hottest crypto can do. When it was so hot it was…

5 hours ago

Tron Fees To Be Cut In Half Through Proposal 95, Cutoshi Surpasses $600k As TRX Investors Join CUTO Presale

The Tron network has witnessed incredible growth in several areas, especially in its adoption, which…

7 hours ago

$Pepe Whale Sell-Off And Fund Transfers Stir Volatility In Meme Coin Market

Recently, major $PEPE holder Flow Traders transferred 520 billion $PEPE tokens—worth approximately $4.73 million—from address…

15 hours ago