According to btcmanager, South Korean financial regulators will relax regulation of cryptocurrencies and develop best policies to support this fast-growing industry. The Korea Times disclosed on July 6, 2018 that the country is following the G20 requirements and has established a “unified rule” for the digital asset industry.
The Financial Supervisory Authority (FSS) and the Financial Services Commission (FSC), two regulators overseeing Korean financial policy, have revised guidelines for cryptocurrency exchanges.
Officials confirmed that the government did not object to the use of cryptocurrencies, but the government still maintained a strict stance in implementing an intensified policy to curb the use of cryptocurrencies for money laundering and illegal activities. The report quoted a government official as saying that the development of uniform rules is a complex issue given the broader scope of assessments between government agencies. This is why this country needs close international cooperation because it is still in the early stages of fine-tuning guidelines.