Earlier this week, a South Korean government official confirmed during a public press conference that the government has no intention of banning cryptocurrency trading in the near future. The South Korean executive office Blue House spokesperson, Jeong Ki-joon, confirmed that the country will not ban cryptocurrency trading.
In his announcement, Jeong Ki-joon stated that the government established a cryptocurrency regulation task force in order to compromise with the South Korean Justice Ministry’s proposal to ban all cryptocurrency trading and to implement regulatory policies that will foster the local cryptocurrency industry.
However, some matters were clarified regarding the government’s future approach to cryptocurrency regulation. According to the spokesperson, the government intends to address the issue of anonymous trading by implementing a real-life identity system. In addition, the government will seek to introduce appropriate punishment for offenses, such as market manipulation and instances of fraud.
Jeong also addressed the former cryptocurrency ban that was suggested by the Justice Ministry last month. The proposed ban, which was submitted by Justice Minister Park Sang-ki on December 28th, addressed the speculation associated with the cryptocurrency market. However, this proposal is likely to be debated and modified by the Cryptocurrency Task Team and other financial agencies, such as the Fair Trade Commission, the Ministry of Strategy, and the Central Bank.
Lastly, the spokesperson cautioned that any fraudulent activities which increases speculation in the crypto market will be subject to severe punishments. Despite this, the South Korean government remains supportive of the cryptocurrency industry's underlying blockchain technology.
The government recently introduced a ban which prohibits foreigners and minors from participating in cryptocurrency trading. This ban is expected to be implemented this week. Furthermore, by the end of January, South Korean banks will be once again allowed to issue virtual accounts to clients by using the new real-life identity system.
The timing of the statement is perhaps curious, as it was issued shortly after several high-ranking government officials received widespread criticism for their alleged lack of understanding of the cryptocurrency market. Some criticized officials included the National Assembly member and former member of Congress, Nam Kyung-pil.
Despite the regulation tightening, the cryptocurrency market is still alive and thriving in South Korea. The country’s major crypto exchanges, such as Bithumb and Korbit, have also expressed enthusiasm regarding the government’s latest plans for market regulation.
According to a Bithumb spokesperson, the massive crypto exchange welcomed all practical regulatory policies. They intend to be compliant with all future regulations in order to contribute to a fair, honest, and transparent market.
In his announcement, Jeong Ki-joon stated that the government established a cryptocurrency regulation task force in order to compromise with the South Korean Justice Ministry’s proposal to ban all cryptocurrency trading and to implement regulatory policies that will foster the local cryptocurrency industry.
However, some matters were clarified regarding the government’s future approach to cryptocurrency regulation. According to the spokesperson, the government intends to address the issue of anonymous trading by implementing a real-life identity system. In addition, the government will seek to introduce appropriate punishment for offenses, such as market manipulation and instances of fraud.
Jeong also addressed the former cryptocurrency ban that was suggested by the Justice Ministry last month. The proposed ban, which was submitted by Justice Minister Park Sang-ki on December 28th, addressed the speculation associated with the cryptocurrency market. However, this proposal is likely to be debated and modified by the Cryptocurrency Task Team and other financial agencies, such as the Fair Trade Commission, the Ministry of Strategy, and the Central Bank.
Lastly, the spokesperson cautioned that any fraudulent activities which increases speculation in the crypto market will be subject to severe punishments. Despite this, the South Korean government remains supportive of the cryptocurrency industry's underlying blockchain technology.
The government recently introduced a ban which prohibits foreigners and minors from participating in cryptocurrency trading. This ban is expected to be implemented this week. Furthermore, by the end of January, South Korean banks will be once again allowed to issue virtual accounts to clients by using the new real-life identity system.
The timing of the statement is perhaps curious, as it was issued shortly after several high-ranking government officials received widespread criticism for their alleged lack of understanding of the cryptocurrency market. Some criticized officials included the National Assembly member and former member of Congress, Nam Kyung-pil.
Despite the regulation tightening, the cryptocurrency market is still alive and thriving in South Korea. The country’s major crypto exchanges, such as Bithumb and Korbit, have also expressed enthusiasm regarding the government’s latest plans for market regulation.
According to a Bithumb spokesperson, the massive crypto exchange welcomed all practical regulatory policies. They intend to be compliant with all future regulations in order to contribute to a fair, honest, and transparent market.