South Korea banned ICOs and now the country is planning to loosen the restrictions on cryptos with the help of the G20 directive. This aims to create uniform regulations, according to the latest reports coming from The Korea Times. The G20 meeting established a July deadline for taking the first step on unified regulations.
The news is basically part of a plan to loosen some of the restrictions that involve cryptos in order to help people better understand the crypto space.
An official for the country’s Financial Services Commission (FSC) explained that the regulatory agency is not at all against cryptos and it revisioned the way in which money laundering and more illegal activities are addressed.
Another official explained that South Korea needs international cooperation on cryptos and for the moment it’s only in the early stages of developing its regulations.
Back in May, Yoon Suk-heun was named as leader of the Financial Supervisory Services (FSS) and he said that he would consider revising crypto regulations. He explained back then that the FSS will work with the FSC.
South Korea could end the ICO ban
The National Assembly in South Korea came up with a plan to allow domestic ICOs which have been banned a while ago. Hong Eui-rak, a representative from the ruling Democratic Party, said that legislators are currently developing a law to remove the ban.
The Ministry of Strategy and Finance is currently negotiating with the National Agency on a tax plan for cryptos. The plan’s deadline was in June.
More voices in the crypto space from Korea predict that the country’s interest in crypto will double shortly.
The country has also recently recognized crypto exchanges as regulated financial institutions and the government agreed to classify the exchanges as “cryptocurrency exchange and brokerages,” allowing the platforms to deal with local government support.
The FSC is investigating three important banks under the country’s plan to monitor the local crypto exchanges.
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