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
Uzbekistan legalizes cryptocurrency
The draft law, which will be developed by the highest government bodies, is promised to be prepared by September of this year. Moreover, the President of the Republic Shavkat Mirziyoyev approved the authorities’ intention to create a competence center for blockchain technologies at the Mirzo Ulugbek Innovation Center.
Regulation of cryptocurrencies using the example of Israel
Today, the volume of the Israeli “black market” of cryptocurrencies is about 22% of GDP. Illegal transactions in this sector result in the state treasury, according to the Israeli Ministry of Finance, annually losing about 50 million shekels ($15 million) in uncollected taxes, which is equivalent to the country's education budget for 2017.
