South Korea: No plans to ban cryptocurrency

posted about 1 year ago
This week, several mainstream media outlets reported that the South Korean government is planning to ban cryptocurrency trading. That is certainly not the case, as the bill would need to pass congress first before it can be taken into effect.

As it has done since December 13 of 2017, the South Korea Ministry is merely preparing a bill that would close down certain cryptocurrency exchanges. It is not planning to ban cryptocurrency trading in the short-term.

If the South Korean government intended to ban cryptocurrency trading, it would have done so on December 13, instead of releasing various regulatory frameworks that included a ban on foreigners trading cryptocurrencies.

CCN revealed the four major regulatory frameworks the South Korean government is expected to implement by January 20:

*Prevent unaccredited investors from dealing with losses through highly volatile cryptocurrencies.
*Prevent strictly regulated cryptocurrency exchanges from operating as speculative platforms for unaccredited investors.
*Request banks and exchanges to ensure underaged investors and foreigners cannot open trading accounts on cryptocurrency exchanges.
*Temporarily suspend institutional investors and retail investors from investing in cryptocurrencies.

The South Korean Ministry of Strategy and Finance emphasized that it does not agree with the proposal of the Ministry of Justice.
“We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” MSF said.

Evidently, the cryptocurrency trading ban proposal has not been finalized or even agreed upon by the South Korea Ministry of Strategy and Finance.
Tags: bitcoin, news