South Korea, a country that has banned ICOs, plans to loosen restrictions on cryptocurrencies based on efforts by G20 to create uniform regulations, according to The Korea Times. The G20 meeting established a July deadline for taking a first step on “unified regulations.”
The recent announcement from South Korea is part of a loosening of restrictions on cryptocurrencies as the digital assets become better understood.
Government to Address KYC/AML
An official for the country’s Financial Services Commission (FSC) said the regulatory agency is not opposed to cryptocurrencies and has made revisions to address money laundering and other illegal activities.
South Korea requires international cooperation on cryptocurrencies, another official stated, and remains in its early stages of developing its regulations. The official further noted that uniform rules represent a challenge due to the large range of assessments among government agencies.
The government previously considered cryptocurrencies “non-financial products” on account of their speculative properties.