The chief of the nation's financial watchdog has pledged support for "normal transactions" of crytocurrencies. 

Speaking to reporters on Tuesday, Financial Supervisory Service Governor Choe Heung-sik said that transactions whether of financial products or cryptocurrencies can hopefully be normalized in terms of self-regulation. 

He also remarked on claims the government was suppressing the virtual currency market through regulations such as the real name transaction rule and a preventive system on money laundering.

Choe said unfair trading and money laundering can be found anywhere and they are part of the process toward achieving normalized transactions.

He also said that commercial banks such as Kookmin and Hana which are not trading with cryptocurrency exchanges even after establishing the real name transaction system will be encouraged to allow operations with the exchanges.