South Korea appears to be softening its stance on cryptocurrency trading.
According to Yonhap News, Choe Heung-sik, governor of the Financial Supervisory Service, has said the government "will support [cryptocurrency trading] if normal transactions are made."
At a meeting with representatives from cryptocurrency exchanges, Choe also said the government will "encourage" banks to work with cryptocurrency exchanges, the report states.
While brief, the statements will likely be seen positively by South Korea's crypto community, as well as world markets, since the option to outright ban cryptocurrency exchanges had been mulled by regulators as one way to calm the country's heated cryptocurrency market and counter money-laundering.
After the news broke that South Korea might "ban or suppress" cryptocurrency trading, prices of cryptocurrencies including bitcoin dropped sharply in mid January. Soon after, the country's finance minister moved to calm the markets stressing that regulating exchanges is the government's "immediate task," though he did not rule out a future ban.
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