South Korea Is Going To Ease Its Cryptocurrency Regulation In Near Future
In the reporting of local source of information, South Korea’s Financial Supervisory Service Governor Yoon Suk-heun is considering to smooth cryptocurrency regulation. This news comes in quite an interesting time for the industry. With the rise in prices in recent weeks, we could have expected much more severe suppression of Bitcoin and altcoins.
The acting regulation is not so problematic. Although there are some aspects that can be difficult for companies, nothing prevents the operators of wallets and exchanges from managing their business. Some common guidelines are total necessity in this otherwise unstable industry.
Now with potentially weakened regulation, it will be interesting to see will be in the future. The FSB will cooperate with the Financial Services Commission of the country to examine the present policy and make appropriate adjustments. Despite the fact that Yoon admits that there are still some “issues” that need to be clarified when it comes to crypto exchanges, the future seems to look bright.
The improvement of the already existing regulation will only legitimize the cryptocurrency as an industry in the future, since services provided by exchanges and other companies will be considered more convenient in the eyes of the general public. Clearly, South Korea wants to take an anticipatory approach when it comes to cryptocurrency, and not to deteriorate this new born industry.
Yoon believes that any big or small change will have positive impact on cryptocurrency market. Quite rarely it can be seen that government officials are so objective when it comes to Bitcoin and altcoins. At the moment, KYC and AML procedures are likely to remain in effect, although some minor changes may be made. Now it is important that banks attract more crypto-currency traders across the country.
In case all goes according to plan, weaker regulation will make the cryptocurrency even more attractive in South Korea. It can never be bad, although other countries of the world should intensify their efforts. The future looks pretty promising for Bitcoin, since good things continue to happen in all directions.