Last month is not the best time for South Korea’s cryptocurrency industry as reports surfaced that digital currency transaction will be banned. But things have changed, and regulators are easing out making cryptocurrency holders, and companies expect much better opportunities. The best part of it is that blockchain technology will be supported.
South Korea’s Finance Supervisory Service chief Choe Heung-sik said on Tuesday (Feb. 20) that he is expecting the country to have a normalized cryptocurrency trading in a self-regulatory backdrop. Cryptocurrency brokers welcomed optimism with Choe’s words, perceiving them evidently and signifying the government’s collaboration in their plans for self-management. The government will rather ban the use of shadowy bank accounts linked to virtual currency exchange as of January 30 to prevent cryptocurrencies to be used in money laundering and other cybercrimes.
Although FSS has implied support for the digital currency exchange, it does not mean that no regulation will be imposed. As revealed by a cryptocurrency task force government official last week, the country is on the process of reviewing the possibility of enforcing a new cryptocurrency approval program that reflects the BitLicense model applied by the New York State monetary watchdogs.
With the large demand of cryptocurrencies, South Korea has become Southeast Asia’s cryptocurrency capital. Upcoming exchange brokers such as Decenternet will soon circulate its domestic currency, Spice that is interchangeable with other major digital currencies like Bitcoin and Ethereum. It will be a great advantage since Ethereum has been accepted as a mode of payment by some business establishments in the PyeongChang Winter Olympics 2018.
Decenternet is the most formidable and extreme hyper-speed P2P decentralized internet communication solution that blockchain can build. Its native currency Spice is adopted as a default currency to gain services or obtain remuneration.