There will be no ban on cryptocurrency trading – Government of South Korea
On January 15, during an open press conference, the press secretary of the South Korean presidential administration Jong Ki-joon confirmed the information that the country’s authorities are not going to ban cryptocurrency trading in the near future..
In an official statement, Jong said that the government has formed a specialized working group tasked with reworking a proposal from the Ministry of Justice advocating a complete ban on cryptocurrency trading and creating regulatory requirements that will regulate relations in the digital asset market..
CCN quoted Jong as saying: “First, the South Korean government will continue to fight against accounts used to trade cryptocurrencies anonymously and prosecute market manipulators, money laundering and fraudulent agents in coordination with law enforcement and financial regulators..
Secondly, the proposal to ban cryptocurrency trading was put forward by the Ministry of Justice on December 28 with the aim of establishing control over speculation taking place in the cryptocurrency market. This proposal is subject to discussion and will be modified by a working group that includes the Ministry of Strategy and Finance, the Central Bank, the Fair Trade Commission and other structures..
Third, the consequences of excessive speculation and fraudulent activity will be severe. However, the government will support and even finance the development of blockchain technology “.
Major South Korean trading platforms, including Bithumb and Korbit, have welcomed the government’s new proposals. A Bithumb spokesman in a conversation with Yonhap News noted that the latest legislative initiatives will make the cryptocurrency market more transparent, fair and stable..
Earlier it became known that South Korean traders will be fined for refusing to transfer anonymous accounts for trading cryptocurrencies into real ones.