Korea, Japan and China Share Strategies to Regulate the Cryptocurrency Market

Korea, Japan and China are some of the countries that have so far talked about intentions to regulate the cryptocurrency market. Now, it seems that the three Asian countries are actually willing to work together. It has been revealed that Korea, China and Japan have been sharing ideas among each other for regulating the cryptocurrency market.

The news was first revealed by South Korea's Financial Services Commission. The chairman of the commission, Choi Jong-ku, said that vice finance ministers from the three countries met to talk about the best ways to regulate cryptocurrencies. The three countries shared strategies and ideas.

Reportedly, the meeting was held in South Korea and its main purpose was to create a "system of cooperation" on this area between the three countries. These countries have previously warned about the risks associated to the cryptocurrency market and some have even taken some measures against digital currencies.

South Korean authorities have actually claimed that the interest of investors in cryptocurrencies was "irrational." The authorities also said that despite the interest of investors, for the moment, cryptocurrencies are not able to be a valid form of payment.

The fact that the three countries are collaborating on the best way to regulate the market is not good news for those who believe regulation will harm cryptocurrencies. However, it is important to mention that these are among the largest cryptocurrency markets at the moment.

Japan recognized bitcoin as a payment method, while China and Korea imposed bans

Japan is the only of the three counties which has decided to recognize bitcoin as a legal payment mean. In South Korea, authorities have been looking into this market for quite some time. They actually issued a ban on all initial coin offerings and on anonymous bitcoin trading.

On the other hand, China has definitely had the strongest actions against cryptocurrency. The central bank of the country banned all initial coin offerings and decided to shutter bitcoin exchanges. Some rumors claimed that the Chinese authorities are now looking into the activity of miners, but the rumors were dismissed.