South Korea seems to have decided to soften their stance against trading cryptocurrencies.
According to Yonhap News, Cho Hang-Sik, head of the financial Supervisory Service, said that the government “will support cryptocurrency trading, if the operations do not go beyond”.
At the meeting with representatives of cryptocurrency exchanges, Cho also said that the government “will encourage” banks to work with cryptocurrency exchanges and exchangers.
Despite the brevity of the statements, the news will likely be received enthusiastically by the South Korean cryptocurrency community and international markets, especially against the backdrop of a possible ban activities cryptofauna exchanges.
After the news appeared information about the fact that South Korea may ban cryptocurrency trading, the price of cryptocurrency, including bitcoin, declined sharply in mid-January. Soon after Finance Minister made a special statement to ukpokiti wincrash cryptocurrency community. In a statement, he stressed that the regulation of cryptocurrency exchanges is a priority for the government, although not completely ruled out a possible ban on their activities.
Certain restrictions on working with the cryptocurrency was introduced. January 30, entered into force a ban on anonymous trading. Now all cryptocurrency transactions must be conducted through accounts that have been verified. Traders who ignore this regulation will be fined. Yes and it will be very difficult, as all the South Korean stock exchange has introduced a system of identification to avoid possible sanctions from the government.
South Korea is considering the adoption of a system similar to the Regulations, which operates in new York to regulate crypto-currency exchanges.
According to BusinessKorea, one of the government officials who develop laws for the operation of the exchanges stated that:
We believe that the licensing system cryptocurrency can be embedded as additional provisions on cryptocurrency and intend to focus on legislation passed in new York state.