At a public press conference on
January 15, Jeong Kijoon, spokesperson for Blue House, the executive office of South Korean president Moon Jae, announced that all cryptocurrency bans will be lifted soon.
According to the announcement, spokesperson Jeong said that the state-led cryptocurrency regulation mandate will change the justice minister’s trade ban and improvements he will make to improve the industry.
According to the spokesperson’s statement:
“First, the South Korean government will continue to take strict measures against anonymous cryptocurrency trading and will punish those who try to manipulate the market for fraudulent transactions through investigations by local law enforcement.
Second, Justice Minister Park Sang- The idea of a trade ban, which was realized by ki’s idea, was first put forward by the Ministry of Justice on December 28 to bring controlled speculation to the sector.. This proposal will be discussed and modified by special teams, including the Minister of Strategy and Finance, the central bank, the Fair Trade Commission and many agencies.
Third, there will be a number of consequences of overplaying and fraudulent transactions in the stock market.. But the government will still support and finance the development of blockchain technology.”
The ban on foreign and underage investors is expected to go into effect on January 20, and by the end of this month, the South Korea’s cryptocurrencies are expected to open up to new users and investors.
The South Korean government’s statement was made as a result of high-ranking officials such as Nam Kyung-pil (former MP and National Assembly member) criticizing the government for its failure to regulate the cryptocurrency market. .
Nam: “To call Bitcoin a tulip mania is to make fun of the South Korean people. This is a baseless dedication to the currency. If the government does not want to stay in the background, it should focus on how it can grow the cryptocurrency market.”
Optimistic View of the Market
Big trading platforms such as Bithumb and Korbit, along with the South Korean stock market, are optimistic about the government’s new attitude towards the market.
A spokesperson for Bithumb told Yonhap News during an interview that some basic regulations are currently in place and trades in South Korea will comply with the new regulations so that the market remains transparent, fair and stable.
Yonhap more Afterwards, he stated that investors in the South Korean stock market approached the event more positively and felt more secure during crypto-based trading and investment.
Bithumb, South Korea’s largest #cryptocurrency exchange, optimistic. Spokesperson told Yeonhap in an interview that practical regulations are now being imposed.
Yeonhap: Investors are now confident that the government will go down the right path by regulating crypto market. pic.twitter.com/Ol96M1i5I3
— Joseph Young (@iamjosephyoung) January 15, 2018
In December, Korbit vice president Kim Jin -hwa said during a hearing that if the government is considering taxing and imposing stricter regulations on merchants, it must first create a fair environment for cryptocurrency companies and investors.. Kim stated that the government should not be able to develop the market and cause difficulties for investors.
Although the actions of the South Korean government are unpredictable and the possibility of a trade ban is always present, at the moment a ban seems unlikely due to public backlash.
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