The Financial Services Commission (FSC) responsible for supervising policies and directs the Financial Supervisory Service (FSS) has updated its guidelines for the exchange operators and other crypto-related movements situated in the country.
One of the officials from the FSC stated that the agency had made changes to its rules to implement increased policies in order to prevent or detect money laundering and illegal activities because the regulator isn’t against cryptocurrencies.
G20 set the target date on July 2018 for executing the unified regulations. The head of the Financial Supervisory Services, Yoon Suk-heun, had started work to introduce changes to the country’s crypto policy two months last May 2018.
A trade ministry official stated that the regulators should find a way to regulate crypto properly as Korea demands to put more importance on blockchain technology after acquiring a knowledge of the possible effects of cryptocurrency trading.
Meanwhile, the National Assembly of South Korea proposed to lift the ban on Initial Coin Offerings (ICOs) which was executed in the country in September last year. Also, Thailand launched new regulations to legalize ICOs in the country.