South Korean cryptocurrency regulatory advisor found dead

A sudden twist has just occurred in the South Korean cryptocurrency regulation episode, as a government official, who was responsible for formulating cryptocurrency regulations, was found dead at his home.
Jung Ki-joon, a senior official at the South Korean Office for Government Policy Coordination, died in his sleep on Sunday. The official played a key role in maintaining the regulatory framework for cryptocurrency trading in South Korea.

The deceased was reportedly found dead at his home in Seoul. Although the exact cause of Jung Ki-joon’s death remains uncertain, reports state that he possibly died of a heart attack. The local police disclosed that he was already dead when members of his family entered his room to wake him up.

The South Korean won is among the world's top fiat currencies used in cryptocurrency purchases. Financial regulators have been struggling to devise appropriate regulations for cryptocurrency trading all over the world, including South Korea. Although there were rumors that cryptocurrencies would be banned altogether in South Korea, recent disclosures show that the country would not go to that extreme.

Various governments have adopted different stances on the exchange of digital currencies. Japan adopted a licensing system in this regard, while China issued a complete ban on cryptocurrency mining and trading. South Korea seemed that it was going to follow in China’s footsteps. However, petitions from traders made the regulators devise a less stern policy.

The South Korean government set up a meeting of vice ministers last year to regulate the country's booming cryptocurrency market. The meeting was led by Hong Nam-ki, Minister of the Office for Government Policy Coordination. Jung Ki-joon’s job was to set up those weekly meetings and coordinate the points of view of various ministries.

Jung Ki-joon was the head of the Economic Policy Coordination Office under the Office for Government Policy Coordination. In his statement to reporters last month, he noted that cryptocurrencies are not “official currencies”. He said that the market lacks regulation and is thus subject to fluctuations.

The senior official went on to warn traders against the risks associated with cryptocurrency mining and trading. “…responsibilities will fall on their shoulders,” he added. He also disclosed that the regulatory body is obtaining opinions from related ministries to decide upon the best solution to this issue.

Jung Ki-joon’s office colleagues revealed to the police that he had been under a lot of work pressure lately. The official had taken charge of formulating measures to counter cryptocurrency speculation, and had been under stress ever since. The police believes that these work-related stresses could have contributed to Ki-joon’s death. The exact cause of death will be revealed once they receive the coroner’s report.