South Korea Seeks Cryptocurrency ‘Normalization’ in Dramatic U-Turn

In a complete turnaround, South Korea’s financial regulator and watchdog has bullishly called for the development and ‘normalization’ of cryptocurrencies in the country.

A month after widespread whispers of a possible ban on cryptocurrency trading in South Korea, local adopters, investors and the wider industry can now be found beaming in optimism for a positive future for cryptocurrencies.

As reported by CCN yesterday, Choe Heung-sik – chief of South Korea’s Financial Supervisory Service (FSS) was plainly clear in confirming that the government will support ‘normal [non-anonymous] transactions’ of cryptocurrencies. Choe also stressed the government will “encourage” traditional banks to establish ties and facilitate transactions with cryptocurrency exchanges through virtual accounts, a move which would carve easier access to exchanges among new cryptocurrency adopters.

A new Reuters report covering remarks from Choe’s press conference yesterday reveals the regulatory chief going a step further, calling for the development of cryptocurrencies to enable them to become a societal norm.

Speaking to reporters, Choe stated:

“The whole world is now framing the outline (for cryptocurrency) and therefore (the government) should work more on normalization than increasing regulation.”

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