South Korea has again made it to the headlines of cryptocurrency dailies around the world with its softening approach towards cryptocurrency trading.
As per Yonhap News, Choe Heung-sik, governor of the Financial Supervisory Service has revealed that the government, “will support [cryptocurrency trading] if normal transactions are made.”
Choe added that the government shall “encourage” working relationships within banks and cryptocurrency exchanges for smooth cryptocurrency trading.
This statement has spread cheer amongst the cryptocurrency enthusiasts not just in South Korea but also all over the world. Previous stances taken by the government to ban cryptocurrency in its entirety had fuelled rampage amongst the digital community. Thus, it is expected that the recent news shall usher in calm amongst the enraged investors and virtual asset holders. South Korea delighted cryptocurrency traders and investors when it officially confirmed that it will not ban cryptocurrencies.The price of bitcoin plummeted down the price curve after news regarding its probable ban broke out months back. The South Korean finance minister took to stage for calming the markets by stressing that it is required to issue necessary regulations immediately.
South Korea banned anonymous trading with effect from 30th January making it mandatory to conduct cryptocurrency transactions using accounts attached to valid user identities. Heavy penalties shall be levied on those who do otherwise. South Korea is trying to adopt a system similar to “BitLicense” for regulating its crypto exchanges. BusinessKorea revealed that a government official who was deeply involved with a digital currency task force pointed out on February 13th that:
“We are positively considering the adoption of an exchange approval system as the additional regulation on cryptocurrencies. We are most likely benchmark the model of the State of New York that gives a selective permission [for exchange operations].”
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Rohit Kukreja Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.