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South Korean Regulator Taking Softer Tone on Cryptos

The Korea Times reports that the new head of a South Korean financial regulator has taken a softer tone on cryptocurrencies, as well as hinted that there might be an easing of rules for exchanges.

 

The incoming head of the Financial Supervisory Service (FSS), Yoon Suk-heun told reporters “Regarding cryptocurrencies, there are some positive aspects”.

 

Yoon did not go into great detail about regulatory changes, saying the process will take some time to finalize.

 

This comes after the country cracked down on cryptocurrency trading at the end of last year, forcing name verification of exchange users as of the end of January 2018.

 

It was also reported that the country’s Financial Services Commission could lift the ban that they imposed over initial coin offerings, known as ICOs.

 

All this being said, it seems that South Korea is positioning itself to be more friendly to the cryptocurrency industry, and has thus realized that they cannot stifle innovation with their regulation, otherwise they will fall behind.