Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

South Korea to Relax and Clarify Cryptocurrency Regulation

by Daily Hodl Staff
May 15, 2018
in Regulators
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

South Korea will “soften” its stance on cryptocurrency in the coming weeks, according to a new report.

Late last year, South Korea banned ICOs and implemented new rules, forcing investors to verify their identity to trade crypto on virtual accounts opened at local banks. The crackdown sparked a major public backlash and a petition with hundreds of thousands of signatures calling for a review of the government’s regulations on cryptocurrencies.

Regulators in the country are now working to reclassify cryptocurrencies and confirm their status as financial assets, as the government shifts its focus from restricting cryptocurrency trading activities to the more positive aspects of digital assets, according to The Korea Times.

“Unified regulations” are expected to emerge in July, when the G20 finance ministers and central bank governors reach their decision about cryptocurrencies. The G20 is a group of countries representing about two-thirds of the world’s population and 85% of global gross domestic product, with interest in cryptocurrencies spreading across all nations.

“It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G20 nations,” said the Financial Supervisory Service (FSS), South Korea’s primary financial regulator.

A week ago, the incoming chief of the FSS, Yoon Suk-heun, first alluded to the coming changes.

“Regarding cryptocurrencies, there are some positive aspects,” Yoon told reporters. “The FSS will collaborate with the FSC (Financial Services Commission) when an inspection on policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.”

Political leaders in South Korea have also proposed new legislation that would legalize initial coin offerings.

ADVERTISEMENT


Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • OpenDAX 3.0 With Exchange Liquidity Network (XLN) by Openware Goes Live
    March 6, 2021
  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$50,468.00
$50,468.00
0.6%
Ethereum
$1,720.87
$1,720.87
3.19%
Binance Coin
$233.24
$233.24
2.61%
Polkadot
$33.90
$33.90
2.6%
Cardano
$1.12
$1.12
0.97%
XRP
$0.472144
$0.472144
1.56%
ADVERTISEMENT

Spotlight

  • 5 Altcoins Poised To Capitalize on Next Crypto Hype Cycle, According to Ivan on Tech
    March 3, 2021
  • Here Are the Top Small-Cap Altcoins That Will Beat the Market, According to Crypto Trader Tyler Swope
    March 6, 2021
  • Ripple Testing Private Version of XRP Ledger To Power Central Bank Digital Currencies
    March 4, 2021
  • Fear of Bitcoin Ban Over? India’s Finance Minister Softens Stance on Crypto
    March 8, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.