South Korea has a special status in the cryptocurrency world, and for many reasons, one of them being the immense revenue stream generated by digital exchange platforms. The country is also known for its rather strict crypto regulations, although it seems that this is going to be changed soon.
Local media sources report that South Korea’s Financial Supervisory Service Governor Yoon Suk-heun is planning to relax the cryptocurrency regulations a bit. In the meantime, the markets are experiencing a period of growth.
The regulation measures that are already in place are not that bad, after all. Several points are considered mildly challenging, but manageable for the most business. Now the legislation will become even more permissive, which might lead to interesting developments, such as a substantial growth in the new crypto projects. It seems that KYC and AML procedures will be unchanged, but some other alterations will be introduced. The government representatives emphasize that they aim to reduce the volatility of the market and increase investors’ safety. With such open-minded approach, it’s no wonder South Korea is on its way to become a major crypto hub.