South Korea banned ICOs in September of last year. Now, government officials want a more supportive regulatory environment.
Lawmakers in South Korea are reconsidering the country’s regulations on cryptocurrency, according to a new report by local news outlet ZDNet Korea on Thursday, April 4.
The announcement that cryptocurrency regulations are up for revision came at the Deconomy conference in Seoul. There, several top government officials, including Min Byung-Doo, Chairman of the National Assembly, publicly stated that the government’s crypto policies must be re-evaluated to ensure that they are adequately supporting the growth of the industry.
Song Hee-kyung, co-president of the 4th Industry Forum of the National Assembly, said that up to this point, governmental bureaucracy had hindered industry growth: “the industry does not stand still while waiting for the regulatory Sandbox authorization, so it is just like keeping it in the box." (Translated quote.)
However, the officials also acknowledged that the government must act with caution in order to adequately protect citizens. “Public officials and bureaucrats have a responsibility and an obligation, and they have to be conservative and require institutional devices,” said Jung Byung-Kuk, Democratic Party Member.
One member of the committee suggested that a regulatory sandbox is formed in one of the country’s sub-jurisdictions. "If we are concerned about Regulation, we can operate a regulatory agency with the government in a limited area called Jeju Island," said Free Republican Party Member, Won Hee-Ryong. "We will make a case study and try to create a foundation for the government to look at cryptocurrency.”
South Korea Has Come Down Hard on Crypto in the Past
Compared with many other countries, South Korea has taken a more restrictive stance on cryptocurrency regulations. This may be due in part to the fact that the mania that struck the cryptocurrency industry in late 2017 hit South Korea harder than any other place in the world.
The country banned ICOs in September of 2018, citing concerns that raising funds through the issuance of cryptocurrency was too similar to gambling.
The ban was reaffirmed in January after it was discovered that South Koreans were still participating in token sales.
Then, early last month, the South Korean Supreme Prosecutor’s Office (SPO) formed a task force to fight crime and fraud in the cryptocurrency industry.
Lawmakers in South Korea are reconsidering the country’s regulations on cryptocurrency, according to a new report by local news outlet ZDNet Korea on Thursday, April 4.
The announcement that cryptocurrency regulations are up for revision came at the Deconomy conference in Seoul. There, several top government officials, including Min Byung-Doo, Chairman of the National Assembly, publicly stated that the government’s crypto policies must be re-evaluated to ensure that they are adequately supporting the growth of the industry.
Song Hee-kyung, co-president of the 4th Industry Forum of the National Assembly, said that up to this point, governmental bureaucracy had hindered industry growth: “the industry does not stand still while waiting for the regulatory Sandbox authorization, so it is just like keeping it in the box." (Translated quote.)
However, the officials also acknowledged that the government must act with caution in order to adequately protect citizens. “Public officials and bureaucrats have a responsibility and an obligation, and they have to be conservative and require institutional devices,” said Jung Byung-Kuk, Democratic Party Member.
One member of the committee suggested that a regulatory sandbox is formed in one of the country’s sub-jurisdictions. "If we are concerned about Regulation, we can operate a regulatory agency with the government in a limited area called Jeju Island," said Free Republican Party Member, Won Hee-Ryong. "We will make a case study and try to create a foundation for the government to look at cryptocurrency.”
South Korea Has Come Down Hard on Crypto in the Past
Compared with many other countries, South Korea has taken a more restrictive stance on cryptocurrency regulations. This may be due in part to the fact that the mania that struck the cryptocurrency industry in late 2017 hit South Korea harder than any other place in the world.
The country banned ICOs in September of 2018, citing concerns that raising funds through the issuance of cryptocurrency was too similar to gambling.
The ban was reaffirmed in January after it was discovered that South Koreans were still participating in token sales.
Then, early last month, the South Korean Supreme Prosecutor’s Office (SPO) formed a task force to fight crime and fraud in the cryptocurrency industry.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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