South Korea’s Financial Services Commission (FSC) is planning to introduce regulations for Bitcoin and other digital currencies, as well as to lift the blanket ban on initial coin offerings (ICO) in the country. The plans were revealed by a senior agency official on Dec. 6, 2017.
In his statement at a public hearing of the National Assembly to tackle a proposed legislation for the creation of a legal framework on cryptocurrencies, FSC vice-chairman Kim Yong-beom confirmed the commission’s plan to regulate the local digital currency market in order to prevent illegal activities like money laundering and tax evasion.
He also claimed that the agency is closely monitoring the developments in the virtual currency trading markets and is prepared to impose tougher measures if required.
“The government doesn’t consider cryptocurrencies as money or financial products. We will regulate Bitcoins to curtail money laundering and tax dodging.”