South Korea: Is Crypto Becoming A Legit Industry?

The local crypto market in South Korea has been developing over the past months and the year altogether. The investors in it have always been optimistic about a drastic change that will bring a new positive outlook on the entire crypto landscape.

Even though the crypto market has endured the third-worst correction in its history since February 2018, the fact that the prices are now 78% down does not affect the cryptocurrency industry in South Korea.

Since June, there has been progressing in the digital-asset regulation, mainly due to the increasing efforts of the South Korean government to implement practical regulatory frameworks for cryptocurrency and blockchain companies.

The Financial Services Commission (FSC) which is the main financial watchdog of South Korea, has been focusing on legitimizing the industry by recognizing cryptocurrencies as verified financial institutions under its (FSC) authority.

Right now, the blockchain bill is expected to be passed by the Congress, where every cryptocurrency exchange will be required to comply with the same security, anti-money laundering policies and internal management as banks within the country.

If passed, the bill will also put an end to the numerous cases of security breaches and hacking attacks within the country. This week, South Korea has established a budget for blockchain development in 2019 which is estimated at 1 trillion won – and is the biggest investment in the field of innovative technologies in the country.

There are also plans for creating the new “Crypto Valley” in South Korea (Jeju Island) – all in order to attract cryptocurrency exchanges, developers, talents, as well as businesses.