Is South Korea finally to make up its mind about crypto assets? Under the initiative of the G20 and their new policies to create "unified regulations" for cryptocurrencies, South Korea is to ease its restrictions on crypto. The first step is planned to finish by the end of July.
Previously South Korea had banned all Initial Coin Offerings (ICOs) and saw cryptocurrencies as “non-financial products” due to their speculative nature. Now the country’s regulatory body, the Financial Services Commission (FSC) has stated that they are not against cryptocurrencies, but are interested in avoiding “money laundering and other illegal activities,” however this will not influence the status of cryptocurrencies enough to change it to “financial assets.”
Now thanks to the G20, we are likely to see South Korea start to change its attitude towards cryptocurrencies and blockchain technology. Currently, Korean lawmakers are working on a bill that will lift the ICO ban, thanks to the proposition of the National Assembly to legalize domestic ICO’s.
With this new activity and interest around crypto in Korea, it could be that they are finally moving into a crypto-friendly future.
As Insider pro reported earlier.