Topic: [2017-11-23] South Korean Finance Watchdog Has 'No Plans' to Reg. Bitcoin Tradin (Read 1669 times)
November 23, 2017, 11:18:22 AM
That's what I consider to be a realistic view on this market. It's pointless to over-exaggerate regulations if the need to do so isn't there, and obviously, the need to specifically focus on the trading aspect isn't there. I am glad to see how South Korea is doing things the right way, which I hope will function as an example for other countries considering doing the same. That being said, what isn't being done right now, doesn't mean that it won't be done at a later point in the future, which is also what they are hinting at.
November 23, 2017, 08:45:29 AM
The governor of a South Korean financial regulator has said it has "no plans" to supervise bitcoin trading, according to a report.
In remarks made to reporters today, Choe Heung-sik, chief of the Financial Supervisory Service (FSS), said that, since his agency does not view cryptocurrencies as "legitimate currency," the FSS does not intend to supervise trading of the digital assets.
According to a Korea Times report, Choe added the South Korean government believes that cryptocurrencies are used in speculation, not as payment tools. As a result, the watchdog considers that cryptocurrencies are not financial products, nor is trading them a financial service.
He said:
"Though we are monitoring the practice of cryptocurrency trading, we don't have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency."
The watchdog head's comments come amid growing popularity of cryptocurrency trading in South Korea, and may have been prompted by the recent outage of major domestic exchange Bithumb, which recently experienced a technical outage that reportedly lost traders billions of won.
https://www.coindesk.com/south-korean-finance-watchdog-has-no-plans-to-regulate-bitcoin-trading/
http://www.koreatimes.co.kr/www/biz/2017/11/488_239795.html
In remarks made to reporters today, Choe Heung-sik, chief of the Financial Supervisory Service (FSS), said that, since his agency does not view cryptocurrencies as "legitimate currency," the FSS does not intend to supervise trading of the digital assets.
According to a Korea Times report, Choe added the South Korean government believes that cryptocurrencies are used in speculation, not as payment tools. As a result, the watchdog considers that cryptocurrencies are not financial products, nor is trading them a financial service.
He said:
"Though we are monitoring the practice of cryptocurrency trading, we don't have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency."
The watchdog head's comments come amid growing popularity of cryptocurrency trading in South Korea, and may have been prompted by the recent outage of major domestic exchange Bithumb, which recently experienced a technical outage that reportedly lost traders billions of won.
https://www.coindesk.com/south-korean-finance-watchdog-has-no-plans-to-regulate-bitcoin-trading/
http://www.koreatimes.co.kr/www/biz/2017/11/488_239795.html
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