Le Authority of South Korea for cryptocurrencies will re-evaluate current regulations to support the growth and development of the digital asset market.
There is no denying the fact that the South Korean authorities have always had a rather rigid approach towards digital currencies and their influence on the national and global economy.
Nevertheless, there is now a high probability that something may actually change: South Korean policymakers would already be working to revise existing regulatory frameworks for digital currencies.
South Korea ready to revise the cryptocurrency market
On the occasion of Conference on Deconomy which was held in Seoul, it was revealed by South Korean officials that the country would be ready to introduce changes within the digital assets sector.
This strategic move should be made in order to support the growth and development of cryptography.
In this ongoing process of revolution and change, communication between the sector's players with financial institutions and government bodies plays an increasingly important role.
In fact, all the partners involved should work concurrently with the ultimate aim of encouraging the development of common strategies and guidelines.
Speaking at the conference, the co-president of the Industry Forum of the National Assembly, Song Hee-kyongSaid:
"The government has always tried to meet real currency standards, so there are various problems to solve".
Secondo Jung Byung-kook, president of the 4 ° Special Committee of the National Assembly Industry, the government should follow a conservative approach regarding the management of new technologies.
Such a decision of ban ICOs as a fundraising tool was explained taking into account the fact that there would be a real financial risk.
Last January it was confirmed that the Financial Services Commission would not lift the ban; in March it was revealed that the new one was established task force from the office of supreme prosecutors of South Korea (SPO).
The main purpose of creating the task force is to prevent and finally put an end to frauds and crimes related to cryptocurrency.
According to the research conducted, in the face of the dizzying growth in the number of fraud cases committed in the cryptocurrency sector, the new task force will try to stem the problem and stop the crimes committed.