New G20 Efforts To Loose Crypto Restrictions In South Korea

South Korea is in the news lately for its plans to loosen restrictions on cryptocurrencies based on the efforts by G20 which aim to create uniform regulations. The news comes from The Korea Times and the G20 meeting also established a July deadline for making the first step towards these “unified regulations”.

The announcement from South Korea is part of a loosening of restrictions on cryptocurrencies. The initiative also plans to make digital assets better understood. As one official of South Korea’s Financial Services Commission (FSC) said, the regulatory agency is not opposed to cryptocurrencies and has made revisions in order to address illegal activities such as money laundering etc.

Another official pointed out the fact that the country needs international cooperation on cryptocurrencies – and that the development of such regulations is in an early phase. As he added, the uniform rules represent a challenge due to the large range of assessment among government agencies.

In May 2018, the leader of the Financial Supervisory Services (FSS) in South Korea, Yoon Suk-heun, said that he would consider revising the cryptocurrency regulations. At the time, Suk-heun also said that the FSS will work with the FSC in order to inspect and modify all the policies.