South Korean government agencies are looking to re-evaluate their crypto regulations amid growing demands for friendly crypto regulations and use. Now the government is looking re-draft its policies to encourage the growth and progress of the crypto industry.
Although South Korea is considered to be a technically advanced and progressive nation, its stand towards the crypto use has been quite passive, and the regulating authorities have ensured that crypto use does not make any impact on their national economy.
However, if sources are to be believed the country is looking re-evaluate its existing crypto regulations and make necessary changes to establish South Korea among the crypto progressive nations of the world.
During the recent framework of the Deconomy conference that took place in Seoul, the higher officials of the country proposed the plans of re-evaluating current crypto regulations to ensure that South Korea does not lag behind in the crypto game.
The biggest positive from the decision is that the government is open to taking advise from the stake holders of the decentralized space. The government is looking to create a common plave where the crypto market participants and influencers could gather to work on the development of common strategies and guidelines.
Song-Hee-Kyong, the co-president of 4th Industry Forum of the National Assembly said,
“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.”
The majority of the attendess acknowledged the decision and voiced their desire to support the flourishing blockchain industry in order to propel the country’s growth. However, the conference also called for caution and take the risks involved while making changes in the framework.
Existing Framework Are Quite Passive
South Korean Financial Supervisory Service (FSS), the country’s financial regulator has already banned any form of ICOs in the country after a two-month investigation found that ICOs lead to Ponzi schemes and scams, and the organizers can get their way around the existing laws.
In March the country also set up a special task force to look into increasing cryptocurrency related frauds and crimes in the country.
The passive stand is understandable, given the fact that the crypto world has lost its main focus of being utilized as a medium of exchange and the majority is only worried about the prices. This leads to volumes of crypto being traded on a number of exchanges, most of which are centralized and the favorite targets of scammers.
Unless the decentralized space can shift its focus towards the usability of the cryptocurrency the scams and crimes related to it won’t slow down.
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