The main financial regulator of South Korea and the Financial Supervision Service have excluded the regulation of trade in bitcoins in the country.
Today at a press conference the head of the Financial Supervision Service of South Korea (FSS) said that the regulator has no intention to regulate the trade in crypto-currencies in the country. The main reason, according to the representative of the regulator, is the lack of recognition of crypto currency as money.
In a statement, the chairman of the FSS, Cho Heung-Sik said:
All we can do is to warn people. Since we do not regard crypto-currencies as a real type of currency, we can not yet activate regulation.
It is curious that the official added that any decisions from the authorities will stimulate the crypto-currency trade, giving investors confirmation of the "implicit approval" of the regulator.
In his tone, the new statement resembles a similar statement by an official in November, when Chow said that the regulator will not "directly control" the crypto-exchange, because crypto-currencies and digital tokens are not recognized as "legal currency."
In general, the situation with the Korean authorities in the field of supervision of local bitcoins and the crypto-currency industry is determined by several rules announced last week . In addition, the National Taxation Service of South Korea (NTS) is currently detailing the framework for applying tax practices regarding the crypto currency.