Ripple proposes S. Korea distinguish between cryptocurrencies for regulatory clarity

03/15 01:56

According to Forkast, Ripple, a blockchain-based digital payment network, has made a proposal for South Korea to make clear distinctions in cryptocurrencies between payment tokens, utility tokens, and security tokens, in a policy paper released on Tuesday. Ripple’s policy paper says South Korea’s current definition of a “virtual asset” is fairly broad, as it covers “a digital token with economic value that is digitally tradable and transferable.” “We believe the policy recommendations outlined in this paper strike the right balance between providing regulatory clarity, while having a regulatory framework that’s forward-looking and flexible,” said Rahul Advani, policy director APAC at Ripple. South Korean regulators have already applied strict anti-money laundering and know-your-customer requirements for digital asset businesses, which left only four exchanges eligible for providing cash-to-crypto services. South Korea’s newly elected president Yoon Suk-yeol pledged to bring forth a new regulatory framework for blockchain and crypto to nurture the industry while safeguarding investors.

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