More

    South Korea To Revise Crypto Policy Based On G20 Financial Asset Recognization

    South Korea is one of many countries that have banned the partake in ICOs and similar activities, forcing many investors to verify their identities given they still wanted to invest. This led to thousands of people signing a petition to force the South Korean government in reconsidering the regulations that are currently in place. Fortunately, the G20 financial policymakers have concluded that crypto can be considered as ‘Financial Assets’.

    The leaders of the world’s largest economies have come together and have confirmed that July is the absolute deadline to make the necessary changes towards regulating cryptocurrencies. This is believed to be the first of several steps that can contribute towards “unified regulations”.

    Once classified as “non-financial assets”, many believe that South Korea will loosen up crypto-related policies. Korea supposedly has agreed to apply the standard of the Financial Action Task Force (FATF), a governmental body that stresses the importance of preventing money-laundering and terrorist financing. The country’s Financial Supervisory Service (FSS) also supports Korea’s new view on easing crypto rules, however, they stated that they will continue to work with the Financial Services Commission (FSC) to prevent scams of any sort.

    Here is a statement released by the FSS representatives: “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. Given the current stance [in Korea], this isn’t good, but we will step up efforts to improve things.”

    In early May, Korean lawmakers proposed a new bill that aimed to “legalize new digital currencies and ICOs in the country”, with some discussion surfing on a potential taxation, but since the G20 meeting, changes might be made to such matters.

    The use of blockchain technology is slowly being accepted and integrated by Asian countries, with more and more development of decentralized applications (dApp) in place. Will Korean traders finally be able to dive into the crypto market without having to worry over strict rules and regulations?

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,371FansLike
    2,778FollowersFollow
    4,141FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Coinbase Upgrades Wallet App to Simplify Crypto Transactions In A Bid to Boost Adoption

    Coinbase exchange has announced an upgrade of its digital wallet in a bid to make crypto transactions much easier. According to a blog post...

    Bitcoin’s Correlation with S&P 500 Jumps to A New High, But So Does With Gold

    Bitcoin’s correlation with both equity market and precious metal climbs to an at all-time high Bitcoin busted the myth that it can’t be...

    Former Olympic Wrestler and UFC Fighter Ben Askren Promotes Bitcoin With Twitter Handle

    UFC fighter Ben Askren changes his twitter handle to ‘Bitcoin Halving May 13 in a bid to promote to the BTC community with halving...

    Ether Price Undervalued But The Fundamentals Are Not Looking Good

    After a bad March, ETH price seeing greens, MVRV Ratio says ETH undervalued While Bitcoin active addresses on the rise, Eth’s declining but...

    Microsoft Joins Blockchain for Social Impact Coalition Initiative For Virtual Earth Day Hackathon

    Microsoft is set to support the Blockchain for Social Impact Coalition (BSIC) program whose winners will be rewarded during the Global Virtual Earth...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.