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South Korea Announces Plans To Ease Regulations On Cryptocurrency

South Korea has been one of the most prominent countries in regards to both the use and trading of cryptocurrency, so easing the regulation surrounding them could affect the market in a positive way.

In a report by The Korea Times, Yoon Suk-heun, the Financial Supervisory Service Governor, revealed that the top regulator of the country considers easing regulation on cryptocurrencies. Yoon even added that cryptocurrencies come with its positive aspects, a great sign coming from a government official.

When the initial regulation hit the Korean market, cryptocurrency trading volume dropped around 90%. Hopefully, this development will cause the trading volume to grow significantly in Korea.

Regulators have to focus on the protection of citizens while keeping an open and fair market where companies can innovate and prosper. This, however, isn’t always the easiest task, especially with a new and very different industry like the world of cryptocurrency.

Earlier this year, Korea also announced that the ban on ICOs could be eased which caused a wave of hope across the crypto market. This is yet another step towards creating the crypto giant Korea was, once again.

 

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