News regarding South Korean regulations on cryptocurrency

Hi all,

I just joined Steemit and wish to share South Korean news on cryptocurrency from time to time.

I think two major changes in government's stance on cryptocurrency occurred this week;

• The government no longer views cryptocurrency as completely separable from blockchain technology

Finance minister/vice-prime minister Kim shared his view on cryptocurrency that “[f]or open-source blockchain networks, cryptocurrencies are necessary as incentives for individuals to participate in the network.”

This shows stark difference from previous government's view that cryptocurrency is to be discouraged but blockchain is a technology to be invested.

At least someone has been doing homework.

• New investments on cryptocurrency will not be deterred by the government.

The government clarified that new investors may invest on cryptocurrency, depending on their ability to acquire accounts in both cryptocurrency exchanges and relevant commercial banks. Currently exchanges are cooperating with banks to meet government regulations, which were implemented to regulate money laundering and other illicit usages of cryptocurrency. Perhaps it is too soon to say that new money will be flooding into the crypto market (combined with the recent downfall of the market itself). But this is a good sign for crypto investors in the long run for sure as it shows a reversal of South Korean governmental stance.

Hope this clarifies a little bit of how the ROK government views the cryptocurrency market and intends to regulate it.

Thanks for reading!