The South Korean Financial Services Commission announced that it is working on the abolition of the obstacle for virtual assets in response to increasing interest in the global market. According to the statement of the Commission, the arrangement of the market as a result of the evaluation of international development of the market is intended to be amended.
Scope of the regulation
Within the scope of the plan, non -profit organizations; Aid organizations, university and school educational institutions and law enforcement officers will be allowed to sell crypto assets in the first half of the year. In this context, a regulatory framework was prepared to carry out the transactions of the relevant institutions.
New Scenarios and Application Plans
In the second half of the year, the purchase and sale of virtual assets of listed companies and professional investors will be allowed. In 2017, institutions and banks have been restricted in 2017 since the restrictions introduced to control market speculation and prevent money laundering.
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The virtual asset user protection law, which came into force in the last period, underlined that the infrastructure has been established for the protection of users. While the legislation is renewed, developments and international practices in the market are being tried to be taken as an example.
“Important countries generally allow the participation of institutions to the market, and domestic companies are increasing in new Blockchain -related job demands.” -Do Korean Financial Services Commission
The regulation will allow the monitoring of new business models and technological developments in line with the demand in the market. Economic dynamics and international examples are taken into consideration during the regulation preparation phase.
The new regulatory frame to be implemented may require investors and market actors to act carefully on risk management issues. In the light of the current regulations, it is important to follow the changes that may occur in market conditions.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
