South Korea Won’t Regulate Bitcoin, Not Until it Turns a Legal Currency

Talking to reporters on Thursday, South Korean Financial Supervisory Service (FSS) chief Chloe Heung-Sik said that Bitcoin is not considered [legal currency] in the country. A local report has confirmed it. It is South Korea's financial regulator and this watchdog has no intention to regulate Bitcoin trade and monitor Bitcoin exchanges. As a result, no supervision regulated by the Authority will be done.

According to the Korea Times report, due to the lack of any clear recognition of cryptocurrency trading, it has been refused to be regulated as a financial product or service, the official said. This Choe said that the government has not classified digital currencies or tokens as payment instruments and they see them as [speculative subject].

source - https://www.cryptocoinsnews.com/south-korea-wont-regulate-bitcoin-not-turns-legal-currency/