The Financial Supervision Service FSS of South Korea will listen to the position of G20 in the issue of regulating cryptocurrency and can recognize them as financial assets.
The deadline for bringing G20 member states into compliance with their recommendations on the regulation of cryptocurrency will come in July. In particular, according to the leaders of the world’s 20 largest economies, cryptocurrencies should be considered as “financial assets”.
FSS, which previously classified cryptocurrencies as “non-financial assets” because of their speculative nature, promised to “improve the situation” in the field of regulation.
“It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance, this isn’t good, but we will step up efforts to improve things,” the Financial Supervisory Service (FSS) said, adding it will develop relevant issues with the Financial Services Commission (FSC). The FSC directs the FSS.
Earlier in May, FSS already noted that it sees ” positive aspects in crypto-currencies” and intends to cooperate with regulators for their introduction into the legislative field.
In turn, the Democratic Party of South Korea, with the support of legislators, has begun to develop a legal framework for the legalization of the ICO.