THELOGICALINDIAN - South Korea has been active alteration its cryptocurrency regulations The regulators plan to affluence the rules on crypto assets in band with G20 behavior While a new crypto allocation arrangement has been created accession government bureau is administering an onsite analysis of crypto exchanges afterward assorted hacks In accession the Bank of Korea has appear a address with its appearance on application crypto as a agency of payment
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Policy Easing
South Korea has been actively alteration and afterlight its regulations for cryptocurrencies. The Korea Times appear aftermost anniversary that the country’s top banking regulator, the Banking Services Commission (FSC), has revised “its guidelines apropos to ‘all activities’ of Korea’s arch cryptocurrency barter operators.”
Furthermore, “financial regulators plan to affluence rules on crypto-based assets in band with behavior accomplished by G20 nations to authorize unified regulations,” the advertisement detailed.
However, an FSC official told the account aperture that “Any above changeabout in behavior is unlikely.” Specifically, the action change will not affect the way cryptocurrencies are classified for authoritative purposes. “The administering beforehand classified cryptocurrencies as ‘non-financial products’ due to their abstract nature,” the account aperture conveyed, emphasizing:
New Crypto Classification System
The South Korean Ministry of Strategy and Finance’s Statistics Korea, amenable for statistics in the country, has created a allocation arrangement for cryptocurrency operators and added blockchain-related entities.
Sedaily explained that Statistics Korea has been acquisition comments on the new allocation system, which will be advised by the National Statistical Commission Policy Subcommittee on July 11. The official after-effects will be appear on the 25th. The advertisement detailed:
Specifically, the account aperture added that “Blockchain platforms such as EOS and Ethereum additionally accept different industry allocation criteria.”
The bureau explained that the proposed allocation “will be acclimated for authoritative purposes for the development of accompanying statistics and assorted government behavior and support,” Zdnet clarified. This new allocation of crypto-related entities for statistical purposes does not affect the regulations by the FSC.
On-Site Investigation of Crypto Exchanges
The government additionally appear aftermost anniversary that the Korea Communications Commission (KCC) has launched an on-site analysis of above cryptocurrency exchanges. This is in accord with the Korea Internet Promotion Agency (KISA) afterward the hacks of assorted crypto exchanges. The advertisement states:
Bank of Korea’s Crypto Report
The Coffer of Korea (BOK) appear its big address on “crypto assets and axial banks” on Friday, July 6, according to bounded media. This address examines calm and all-embracing discussions on the bread-and-butter and acknowledged attributes of crypto assets, as able-bodied as key issues accompanying to the axial bank.
Korean banks captivated crypto-assets accretion 2 abundance won (US$1.79 billion) as of December aftermost year, agnate to about 8 percent of the absolute deposits by the country’s allowance houses, the axial coffer described.
According to BOK, “The bulk of crypto-asset advance is not absolutely big, compared with added disinterestedness markets, and bounded banking institutions’ acknowledgment to accessible risks of agenda assets is insignificant,” Yonhap conveyed.
“Cryptographic assets are awful volatile, and transaction costs such as fees and processing time are high, authoritative it difficult to action as currency,” Real News Korea quoted the address which additionally states:
While absolute that “it is difficult” to use cryptocurrency as money, Business Post quoted the axial coffer describing, “It is acceptable [for cryptocurrency] to be acclimated as a agency of acquittal in bound areas such as across remittances.”
Furthermore, the axial coffer appear in its report:
What do you anticipate of all the changes in Korean regulations? Let us apperceive in the comments area below.
Images address of Shutterstock, the Hankyoreh, and the South Korean government.
Need to account your bitcoin holdings? Check our tools section.
