The world of cryptocurrency has its fair share of individuals who engage in criminal activity (just like in the world of fiat currency). A growing number of countries are slowly but surely learning to accept the fact that blockchain technology is here to stay. Governments can either learn to accept the changing face of fintech – or get left behind.
The government of South Korea learned to accept the use of blockchain technology, but applied very strong regulations for its use to mitigate its abuse by criminal elements.
South Korean government officials, at the recent “Deconomy” conference in Seoul, stated that it was time to re-evaluate the country’s regulations for the use of cryptocurrency and blockchain technology.