South korea which has banned ICOs earlier now ready to create uniform regulations. The G20 established a meeting for taking a 1st step on Unified Regulations.
Govt. said that it is not against cryptocurrency and thus has made measures to address Money laundering and Illicit activities.
South Korea requires international cooperation on cryptocurrencies, another official stated, and remains in its early stages of developing its regulations. The official further noted that uniform rules represent a challenge due to the large range of assessments among government agencies.
ICO ban could End now:
The country's National Assembly made a plan to allow for Domestic ICO, which has banned.
The country recently recognized crypto exchanges as regulated financial institutions. The government agreed to categorize the exchanges as “cryptocurrency exchange and brokerages,” allowing the platforms to do business with local government support. The new framework could have an adverse impact on the platforms, however, since it could bring stricter KYC and AML policies.
Under the country’s plan to monitor local cryptocurrency exchanges, the FSC has called for the investigation of three big banks that have provided virtual accounts and banking services for the exchanges.
In the end, I am happy to see the positiveness towards our Bitcoin among various parts of the world and just hoping to reach its new heights of success in future and adaptation of this blockchain technology in a Pandemic way.