The South Korean authorities plan to relax efforts to market regulation of cryptocurrency in accordance with the recommendations of the group of participating countries “Big twenty” (G20). It is reported by The Korea Times.
The countries participating in the G20 agreed that the deadline for establishing “uniform rules” for the regulation of kriptonyte will be July this year.
In response to the decision of the G20, the financial services Commission of South Korea (FSC), the leading financial Supervisory Service (FSS), revised guidelines on “all activities” of a local cryptocurrency exchanges.
“Because the regulator is not against cryptocurrencies, the FSC revised the regulations concerning the policy to prevent or detect money laundering and other illegal activities”, — said representatives of the South Korean financial regulator.
Also, according to them, the regulation of cryptocurrencies — a complex process, and therefore, FSC strives to establish strong international cooperation on this issue, which, in particular, will contribute to the development of common approaches to the regulation of digital assets.
In addition, the Department stated that in its activities the FSC and the FSS do not conflict with the official position of the government in respect of scriptaction. The last note in FSC, can hardly be identified with traditional financial assets. Moreover, the South Korean authorities classify the cryptocurrency as a “financial product”, which is peculiar speculative.
ForkLog previously reported that the National Assembly for the fourth industrial revolution advised the South Korean authorities to lift the ban on the conduct of the country’s primary offerings of coins (ICO).
In addition, recently it became known that the market for digital currencies of South Korea can be recognized as a separate industry, and the local cryptocurrency companies can be regarded as a financial institution.