ncial Services Agency (FSA) approves licenses for crypto exchanges that have met a stringent set of requirements on everything from customer accounts to computer systems.
The consideration of an exchange approval system in South Korea comes as the crypto markets have become less “overheated”, according to BusinessKorea. The publication reports that the South Korean government sees the more stable prices of crypto, compared to the high and lowswings of December and January, as a cooling off of speculation.
A different unnamed government official said:
“Some even say that the government should impose taxes instead of putting additional regulations if the market volatility remains same at the current level. We will hold a meeting to respond to [the] national petition related to digital currencies this month but we are highly likely to make up for the defects of existing measures only at the meeting.”
The petition the official is reffering to, which calls for less regulation on cryptocurrency in the country, received over 200,000 signatures from the South Korean public in Jan. 2018, demanding a government response.
South Korea has been all over the crypto news recently, since a misinterpreted rumor of a total crypto ban in the country caused the markets to fall sharply early this year. CoinMarketCap also removed South Korean exchanges from its listing in early January due to what it saw as an “extreme divergence in prices” from rest of the world’s crypto markets.
According to a study reported on by Cointelegraph, over a third of salaried Koreans hold around $5000 in crypto, while 80 percent of South Korean investors have made profits from crypto investments.
