Officials In South Korean Consider Revision of Existing Cryptocurrency Regulations

South Korean officials are considering revising the existing regulatory framework for the digital currencies, local media ZDNet Korea announced on April 4th.


Speaking at a Deconomy conference in Seoul, senior government officials said the country needs to re-evaluate the cryptocurrencies policy to facilitate the growth and maturity of the cryptocurrency market. One official stressed the importance of creating a place where industry, financial institutions, and organizations associated with the government could communicate and jointly develop relevant guidelines. Song Hee-kyong, the co-chair of the Fourth Industrial Forum of the National Assembly, said:

"The government misunderstood the virtual currency and tried to meet the standards of real money, so it has a lot of problems, and the industry does not wait until the sandbox approve it, as if we were holding it in its box."

Lawmakers, as reported, have confirmed their willingness to promote the blockchain industry, although Jung Byung-kook, chairman of the Fourth Industry's Special Industry Committee, stressed that the government should remain cautious and adopt conservative management technology.


South Korea banned initial coin offerings (OICs) in September last year, saying the practice of collecting funds through cryptocurrency chips is almost gambling.

Last January, the country announced it would keep the ban because the Financial Services Commission found that companies conducting internal control operations resort to foreign jurisdictions while collecting funds from South Korean citizens. Korean.

In early March, the South Korean Supreme Court Attorney's Office (SPO) set up a working group to combat fraud and crimes related to cryptocurrency. The task force will be responsible for investigating - under the authority of the SPO - for fraud, illegal money laundering, and other illegal activities in the area of ​​fintech and cryptocurrency.

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