Published on May 16th, 2018 | by bitcoin0
South Korea Will Alter Crypto Approach taking after G20 Choice to recognize cryptocurrencies as ‘Financial Assets’
Having rather strict cryptocurrency policies, the government of South Korea took a decision to soften them and create more crypto-friendly regulation.
As it has been announced, the government of South Korea is going to make its cryptocurrency policy softer.
This decision has been taken after G20 financial policymakers came to a conclusion that cryptocurrencies can be viewed as “financial assets”.
However, given the speculative nature of cryptocurrencies, South Korea’s regulators used to classify them as “non-financial assets”.
Korea also agreed to apply the standards of the Financial Action Task Force (FATF) while dealing with cryptocurrencies.