South Korean appears to be softening its stance on cryptocurrency trading.
According to Yonhap News Agency, Choe Heung-sik, governor of the Financial Supervisory Service (FSS) has said the government “will support [cryptocurrency trading] if normal transactions are made.”
At a meeting with representatives from cryptocurrency exchanges, Choe also said the government will “encourage” banks to work with cryptocurrency exchanges, the report states.
While brief, the statements will likely be seen positively by South Korea’s crpyto supporters, as well as world markets, since the option to outright ban cryptocurrency exchanges had been mulled by regulators as one way to calm the country’s heated crypto market and counter money-laundering.
The statement also comes soon after the country has moved to restrict the market in other ways.
A ban on anonymous trading took effect on Jan. 30, after which cryptocurrency transactions must be conducted via accounts attached to users identities. People flouting the ruling now face penalties if caught…
Read Full: South Korea to Support ‘Normal’ Crypto Trading, Says Finance Watchdog