South Korea is now looking at the digital platform licensing platform at a big juncture from its previous proposal to ban these platforms
The Government intends to discuss the "Platform Acceptance System"
According to the Business Korea report published on Monday, the decision from the Digital Currency Task Force devoted to this purpose examines options for following New York and Japan in sorting out the operators of trading platforms before allowing them to enter the market.
The New York scheme has been in existence for seven years now. While it faced problems in its early stages, including the accumulation of unfinished business and high costs, the move taken by Japan last year received widespread demand and widespread praise. In this context, "Business Korea" quoted a government official as saying:
South Korea has also faced several months of unrest following mixed messages raised by the capital Seoul on the legitimacy and circulation of digital currencies. But this perspective soon changed quickly after comments by Justice Minister Park Sung-ki provoked public discontent and demanded that he and Finance Minister Kim Dong-yun be expelled from office for manipulating the market. Park Sung-ki has proposed a comprehensive ban on trading platforms, a process that has been reversed and later reversed.
The decision is expected to be issued after the June elections.
As of February, the South Korean government imposed an anonymous digital currency ban, a plan that was accelerated at the end of January and continues to cause bureaucratic difficulties as the ecosystem struggles to deal with it.
A license decision may not be made until later this year after the June elections. According to "Business Korea", where a Korean official shared his view on the licensing scheme on the one hand, and the next step in the process on the other hand, he said:
He said he would hold a meeting to respond to the national petition related to digital currencies this month, and it is very likely that he will not clarify the shortcomings of existing measures only during the meeting.