South Korea vows firm action against illegal, unfair cryptocurrency trading
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[SEOUL] South Korea said it will take firm action against illegal and unfair acts in cryptocurrency trading after a 280,000 signature petition was sent to the presidential Blue House.
The petition followed the justice minister saying the government may shut down cryptocurrency exchanges. It demanded that the government never impose unreasonable regulation on virtual currency trading.
"The government's basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology," said Hong Nam Ki, minister of the office for government policy co-ordination.
South Korea has already imposed regulations on cryptocurrency trading after a market frenzy that attracted even housewives and students.
It banned the use of anonymous bank accounts for virtual coin trading as of January 30, but said it does not intend to go as far as shutting down domestic cryptocurrency exchanges.
South Korea is also planning to announce measures within the first half of the year to develop the blockchain industry, Mr Hong added.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
Japan stocks look set for new highs in 2025 on earnings, reform
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
