South Korean Government Will Not Ban Cryptocurrency Trading

Korea

During a public press conference, the South Korean spokesman of presidential administration, Jeong Ki-joon, confirmed that the country’s authorities are not going to ban the trading of cryptocurrencies in the near future.

In an official statement, Jong said that the government has formed a specialized working group. Their task will be to rework the proposal of the Ministry of Justice for a complete ban of the cryptocurrency trade. They also will create the regulatory requirements that will regulate relations in the digital assets market.

“First, the South Korean government will pursue the crackdown on anonymous cryptocurrency trading accounts and will punish market manipulation, money laundering, and fraudulent transactions through joint investigations participated by the local law enforcement and financial authorities.

Second, the cryptocurrency trading ban proposal introduced by Justice Minister Park Sang-ki was a suggestion made by the Justice Ministry on December 28 to bring speculation within the cryptocurrency market under control. The proposal will be discussed and changed by the task force participated by the Ministry of Strategy and Finance, central bank, Fair Trade Commission, and other agencies.

Third, excessive speculation and fraudulent activities will be met with severe consequences. But, the government will support and even finance blockchain technology development.”- read Jeong.

Major South Korean trading platforms, including Bithumb and Korbit, reacted positively to the government’s new proposals. A representative of Bithumb for Yonhap News noted that the recent legislative initiatives will make the market of cryptocurrency more transparent, honest and stable.

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