Government officials, fearing that a ban on cryptocurrency trading would lead to a mass exodus of investors from the country, came out in support of “normal” crypto trading. According to local media, this was announced by the head of the Financial Supervision Service, Cho Heung-sik.
What this means is not yet clear, but in a meeting with representatives of South Korean exchanges, Mr. Heung-sik said that the government will support “normal” transactions.
The South Korean government has taken a number of regulatory measures, including requirements for identity verification through individual bank accounts.
With South Korean exchanges generally listening to its suggestions, the government is now happy with the way things are, and according to Heung-sik: “will encourage banks to transact with cryptocurrency exchanges.”
The legalization of cryptocurrencies and crypto exchanges in South Korea is of great importance since the trading volumes of all types of cryptocurrencies in the country are significant. This increase in volume coincided with China banning cryptocurrency trading by closing its exchanges, causing some to move to South Korea.
Just how popular cryptocurrency is in the country is evidenced by the fact that nearly 300,000 South Korean citizens have signed up to petition against the proposed banon cryptocurrency trading, which likely significantly influenced the government's decision not to ban the trade.
According to https://www.trustnodes.com
You May Also Like
French financial regulator bans advertising of cryptocurrency contracts
Based on a new anti-corruption law adopted last year, it is prohibited in France to advertise, promote or otherwise promote the conclusion of cryptocurrency contracts that pose risks. Such contracts include CFDs, futures, options and other complex financial products.
Legal aspects when buying real estate with cryptocurrency
Nowadays you can buy everything, or almost everything, with cryptocurrency. And you need to protect yourself when it comes to such serious things as the purchase and sale of real estate, and most importantly, what rules should be followed when drawing up such contracts. It is in the legal aspects of transactions for “cryptocurrency” that we will try to understand our material today. For there is no absolute recipe in nature, but there are some ideas in this regard, taking into acco...
