Alterations of Existing Crypto Regulations in South Korea; In order to facilitate the growth and maturity of the cryptocurrency market
South Korea is the third largest market for digital currency. It takes the position behind the United States and Japan. Now the virtual currencies became a cultural sensation in the country. Recently the South Korean Government officials are contemplating a revision of the existing crypto regulation and the ICO ban. The legislators made an official announcement during the D economy conference on April 4–5th, 2019 in the capital Seoul that the virtual currencies like Bitcoin, Ethereum, Ripple etc. are under a proper revision (Source — Coin Idol). Other top government officials were also present in that conference.
As a high-tech hub of virtual currencies it is absolutely not surprising that the country will play a major role in adopting these virtual currencies. The D economy (Distributed Economy)gathers thought or opinion leaders from around the globe for sharing their insights and thoughts related to different areas of virtual currencies. The conference which was held in Seoul was D economy's one of the major annual events. Global leaders across the world were gathered in that event and discussed as well as presented multiple topics related to cryptography, decentralized network, economics, business, finance, law and so on.
South Korea has a well-developed cryptocurrency exchange infrastructure. Previously from September 2017 to March 2018, both ICOs and anonymous crypto trading were banned in the country as many sophisticated crypto scam aroused during that time. But the country is quite open towards new technologies and understanding the upside potential of the underlying Block chain technology, the government is now re-evaluating the regulated status of cryptocurrencies.
The officials took this topic of regulating cryptocurrencies in their country seriously. The chairman of Korea’s National Policy Committee Min Byung-doo acknowledged that the market of the virtual currencies is now mature enough and it does not really need such a strict and demanding regulations, so passing these type of policies will be an illogical decision by the government for the country (Source — AMB Crypto). Even the officials themselves were cautious while imposing those policies because it can have a negative impact on the overall cryptocurrency market.
Multiple articles about the topic and also the newspaper reports analyzed that there are three reasons why South Korea is revising the regulation of cryptocurrencies in the country. Those reasons are as below;
· The economic condition and youth unemployment problem
· Political uncertainty
· Comfortable with micro payment systems.
Because of the above listed reasons, the investors of South Korea found cryptocurrencies an attractive option for investing their money. As stated before the country is always open to new technologies; so it has started its way and followed by the rest of the world in accepting these future economic and trading system and incorporating these virtual currencies in the mainstream use cases.
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