South Korea has no Plans to Ban Cryptocurrency Trading - Official Statement
South Korean authorities clarified their intentions regarding the cryptocurrency market. Authorities have claimed that they actually have no plans to ban exchanges operating in the country. The statements were made by the finance minister of the country, according to Reuters.
South Korea's Finance Minister says it will not stop crptocurrency trading
South Korean authorities have given a lot interest and focus to the cryptocurrency market, and at one point it has been claimed that they planned on banning cryptocurrency trading. However, it now seems that this will not happen. The Finance Minister, Kim Dong-yeon, said:
““There is no intention to ban or suppress cryptocurrency (market).””
However, he did mention that authorities are looking into the proper ways to regulate cryptocurrency exchanges. And it seems that the need to regulate exchanges has also risen due to the fact that several such companies have been doing illegal activities.
Authorities revealed that they discovered illegal cryptocurrency foreign exchange trading in the value of $600 million. Apparently, this is part of the task force that authorities have established. Furthermore, South Korean authorities have become more focused on regulating this market, as more and more people started investing on the market.
A series of new investors appeared, including locals, students and retirees, despite the numerous warnings that came from authorities on the risks of investing on this market. Several policy makers have claimed that the cryptocurrency market is similar to a bubble.
