Mark Mason
Well-known member
Cryptocurrency Gets Favorable Nods in Wyoming and South Korea
Cryptocurrency regulations has been a roller coaster ride, but recent developments point towards favorable environments in South Korea and Wyoming, USA.
South Korea’s Financial Supervisory Service (FSS) chief Choe Heung-sik said that the government will support “normal transactions” of cryptocurrencies, suggesting that the government will encourage the growth of the crypto market under KYC regulations. Since January 30, South Korean regulations have required crypto trading under traders’ real names. Anonymous traders will be grandfathered in with their current funds, but any new buys/sells involving fiat will need to comply with KYC regulations. Choe went onto say that the government will “‘encourage'” banks to establish ties and engage in transactions with cryptocurrency exchanges” to counter the fact that many local banks have been hesitant to open any new accounts related to crypto.