South Korean authorities are expected to potentially ease crypto regulation
|- Officials in South Korea have been discussing the current tight parameters around the crypto sphere.
- There is growing expectation that there could be some form of easing around the very strict controls.
South Korea has been known over the years to take a very strict and have tight control around digital assets. There is now growing expectation of that something might change in this space as the country’s officials have taken a decision to review the existing regulatory frameworks regarding digital currencies.
South Korean high officials detailed that a re-Evaluation has been underway of crypto rules. The framework had taken place and discussed at conference in Seoul. It had been revealed that the country had to consider a possibility to introduce changes to its crypto policies.
The co-president of the 4th Industry Forum of the National Assembly, Song Hee-kyong, was speaking at speaking at the recent conference, he stated:
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.
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