South Korea Says Yes to Cryptocurrencies

South Korea changed its position on cryptocurrencies and declared itself favorable to trading activities in the sector. What’s happening in Seoul?

According to the latest press reports, the Seoul government would now be ready to support trading activities in the sector and drive away all those worries and deep fears that have plunged Bitcoin and other digital currencies over the last few weeks.

2018 opened under the  terror of a ban for cryptocurrencies, curbed by the hypothesis of a ban coming from that same South Korea that seems ready today to embrace the phenomenon. The fears then materialized in the birth of a petition to safeguard digital coins from the regulators’ grip.

Goal:  Promote the Blockchain

According to Reuters, the South Korean cryptocurrency industry is receiving a lot of news: the regulator of the market has changed its position  and promised to help promote blockchain technology.

The goal is to normalize this business in an environment of self-regulation that makes South Korea a real hub for the trading of cryptocurrencies.

The opening of Seoul

To confirm the hypothesis of greater openness was Choe Heung-sik, head of the South Korea Financial Supervision Service, according to whom the government should work more on the normalization of the phenomenon and less on the introduction of restrictive rules of the same. The official’s comments have already been considered extremely positive for the self-regulation plans of the sector.

The latest news on the subject suggests that the Seoul authorities could adopt a lighter regulatory touch and could thus take a step forward compared to the cryptocurrency ban threatened by the Ministry of Justice in January.

“Although the government and industry have not yet reached a complete agreement, the fact that the regulator itself has clarified the position of the executive in matters of cooperation is a positive sign for the markets”,

said Kim Haw-joon of the Korea Blockchain Association.

In other words, the South Korean government will support cryptocurrency trading and thus encourage banks and financial institutions to embrace the phenomenon. Will the opening of Seoul clear the way for greater legitimisation of the sector?

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