South Korean government to relax cryptocurrency regulations

South Korea was one of the first countries to adopt the new technology but framed strong regulations to keep the field from the illicit players. According to the government official, South Korea is considering to relax cryptocurrency and Blockchain regulations.

According to Song Hee-kyong, the co-president of the 4th Industry Forum of the National Assembly, “the government has misunderstood the virtual currency and tried to meet the real currency standards, so there are various problems. The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box.”

Meanwhile, Min Byung-doo, the chairman of Korea’s National Policy Committee, told the audience at Deconomy conference in Seoul recently that the government’s idea was initially to protect the economy of the nation by ‘vaccinating’ it against the first major run-up of cryptocurrencies but acknowledged that the market has now matured and the need for such stringent regulations are less.

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