South Korea President Moon Jae-in’s executive office Blue House spokesperson Jeong Ki-joon, stated in a press conference today that there will be no trading ban on virtual currency as previous rumored.
Jeong noted the "cryptocurrency regulation task force" created by the government will improve and alter proposal by the Justice Ministry to ban trading. Instead it will introduce practical regulations.
"First, the South Korean government will pursue the crackdown on anonymous virtual currency trading accounts and will punish market manipulation, money laundering, and fraudulent transactions ... the trading ban proposal introduced by Justice Minister Park Sang-ki was a suggestion made by the Justice Ministry on December 28 to bring market speculation under control. .... fraudulent activities will be met with severe consequences."
Regulators in South Korea appear to be encouraging the industry and its technology.
A ban on foreign trade and under-aged investing however, is expected later in January 20.
[accordion] [item title="Author and Credits"] Article by Alba Gei
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