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Why Relaxed Regulations in South Korea are Good for the Cryptocurrency Industry

by David Drake   South Korea’s Financial Supervisory Service (FSS), the country’s top financial regulator, has  a new governor after President Moon Jae-in approved Yoon Suk-heun’s nomination. Responding to reporters, Yoon Suk-heun said the FSS will consider relaxing cryptocurrency regulations. The FSS banned initial coin offerings (ICOs) and anonymous trading of cryptocurrencies in September 2017 and January 2018, respectively. South Korea’s Effect South Korea’s effect on the global cryptocurrency market cannot be understated. According to Luis Manuel López, the General Coordinator of Workchain Centers, any regulatory decision South Korea makes has an impact on the global market as it is the third largest cryptocurrency market in the world. He says, “South Korea is the third largest cryptographic market in the world, which means that any regulatory decision in the country has a negative or positive impact on the world market. Rumors of new regulatory bans in January 2018 had a negative ... Read More »

Will Changes in South Korea’s Financial Regulator Boost Crypto Market Performance?

by David Drake South Korea has made news for having regulated the cryptocurrency industry in Asia. In September 2017, the Financial Supervisory Service (FSS) banned initial coin offerings (ICOs). In January 2018, the Financial Services Commission (FSC), the country’s financial regulator, enforced a ban on anonymous cryptocurrency trading. However, this is set to change in the coming following a change of guard at the FSS. The new FSS governor, Yoon Suk-heun, has hinted that the regulator will consider relaxing cryptocurrency regulations. Cryptocurrency players across the globe are looking forward to regulatory changes in the country. Latif Sim, Chief Information Officer at GCOX says, “Regulation can be seen as an explicit, formal contract between business and society. The intent of regulation is therefore to ensure that markets function in a fair, efficient and orderly manner. Hence, the question is therefore not whether a relaxed regulation will promote adoption but rather is the regulation ... Read More »

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