😎 South Korea's Top Officials Say It's Time to Re-Evaluate Crypto Regulations, Shift Away From Overly Strict Policies

At the Deconomy conference in Seoul, South Korea, top government officials have said that the country has imposed strict regulatory frameworks in the past year and it sufficiently served as a "vaccine" to prevent various issues for both investors and companies. Now that the cryptocurrency market has grown and matured, the officials said that it is time to re-evaluate cryptocurrency policies of South Korea. Min Byung-doo, the chairman of Korea's National Policy Committee, said that it is not logical for the government to pass a sandbox policy to facilitate the growth of fintech yet restrict the blockchain and cryptocurrency sector. Choung Byoung-gug, the chairman at the Special Committee on the 4th Industrial Revolution of the National Assembly, added that government officials are likely cautious on imposing new policies around cryptocurrencies because they fear the policies could negatively affect the cryptocurrency market, expecting some changes to occur in the near-term.