South Korean Government Plans to Soften Cryptocurrency Regulations With G2o Policies

South Korean Government Plans to Soften Cryptocurrency Regulations With G2o Policies

Cryptocurrency News Regulation
May 18, 2018 by Sandra Onyeiwu
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The South Korean government reportedly plans to soften its cryptocurrency regulations in line with the policies set by the G20 nations in an effort to create “unified regulations.” The initiative will go before the CLW next week. This step could pave the way for cryptocurrencies to be considered legal tender, but that decision ultimately lies
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The South Korean government reportedly plans to soften its cryptocurrency regulations in line with the policies set by the G20 nations in an effort to create “unified regulations.”

The initiative will go before the CLW next week. This step could pave the way for cryptocurrencies to be considered legal tender, but that decision ultimately lies with the Ministry of Finance, the Central Bank and the Ministry of Economic Development.

The Korean regulators have also agreed to apply the standards set by the Financial Action Task Force to its own cryptocurrency policies, local media reported.

While not yet a legal form of payment, the move would provide legal guidelines for digital signatures. Specifically, the initiative stipulates that a digital confirmation provided through a smart contract is the same as written consent.

Financial Supervisory Service (FSS) was quoted expressing:

It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance, this isn’t good, but we will step up efforts to improve things.

The new FSS chief indicated that he will ease the country’s cryptocurrency regulations. Governor Yoon Suk-heun said there are many positive aspects of cryptocurrencies, promising to release updates on this issue in the near future.

The G20 is an international forum for the governments and central bank governors. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union.

 

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