South Korean government officials consider making cryptocurrency, blockchain regulations laxer

The cryptocurrency world has been pushing its limit to educate people about blockchain and cryptocurrency globally. South Korea was one of the countries to adopt the new tech, but framed strong regulations to keep the field from the illicit players.

At the recent Deconomy conference in Seoul, South Korea, government officials said that it was time to re-evaluate the cryptocurrency policies of the country.

Song Hee-kyong, the co-president of the 4th Industry Forum of the National Assembly, said:

“The government has misunderstood the virtual currency and tried to meet the real currency standards, so there are various problems.The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box.”

Min Byung-doo, the chairman of Korea’s National Policy Committee, told the audience that the government’s idea was to protect the economy of the nation by ‘vaccinating’ it against the first major run-up of cryptocurrencies, reported Beincrypto. The chairman, however, acknowledged that the market has matured and the need for such stringent regulations are less.

The chairman further added that it will be illogical for the government to pass a sandbox policy to facilitate the growth of fintech and restrict the blockchain technology and cryptocurrency sector.

However, the chairman of the Special Committee on the 4th Industrial Revolution of the National Assembly, Choung Byoung-gug, informed that the government officials were cautious in imposing new policies around cryptocurrencies as they feared that the policies would have a negative impact on the crypto-market.

However, the chairman expects to see some changes occur in the near-term, reported Messari.

This announcement, which loosens the grip around the crypto market, was in contradiction with United States’ Securities and Exchange Commission [SEC], which is aiming to enforce the Howie Test for ICOs. The environment looks appropriate for South Korea to completely adopt cryptocurrencies as the market showcases bullish trends.

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