While the G20 countries are working to create a “unified regulation” in the field of cryptocurrency, South Korea has expressed its willingness to follow uniform rules, if any, developed at the international level.
As reported by China Money Network, South Korean regulators have agreed to apply the Group’s standards on countering money laundering and terrorist financing to its own policies in the field of cryptocurrency.
“Almost certainly, cryptocurrencies will be recognized as a class of assets, and the main problem will be how to properly regulate them in accordance with the unified basis that the G20 countries will agree on. In today’s form, this framework is of little use, but we will try to remedy the situation,” the South Korean Financial Supervision Service reported.
If South Korea adopts the “unified regulation” of the G20 countries, it will regulate cryptocurrencies in the same way as members of the G20 do. It is expected that the first document for the regulation of cryptocurrency within the G20 will be presented in July this year.
At the same time, South Korean regulators continue to audit the domestic stock exchanges, while also calling for closer interaction on this issue at the international level.
The current policy of the South Korean authorities contrasts with earlier reports that the new head of the South Korean Financial Supervision Service, Yun Sukheun, is preparing to tackle “problems in regulating cryptocurrencies” and to ease pressure on this sector.