South Korean Government Works On Blockchain Regulations Due To A Growing Crypto Market


South Korean Government Works On Crypto Regulations Due To A Growing Crypto Market

South Korea, one of the most active countries in the crypto market, could be working on new regulations for the cryptocurrency market as it continues to expand. According to a recent report released by CoinDesk Korea, the South Korean government held an emergency meeting on the matter. The intention is to address the risks of losses for investors.

South Korea Wants To Implement Crypto Regulations

Bitcoin (BTC) has been growing over the last months and regulatory agencies in different countries are starting to be worried about it. The minister of the Office for Government Policy Coordination, Noh Hyeong-ouk, announced a meeting with different agencies of the government to address the current growth of the crypto market and how to protect investors.

Mr. Noh Hyeong-ouk said that as virtual currencies do not have a guaranteed value, the price of these assets fluctuates drastically due to illegal acts, speculation, and changes in the regulatory environment. This is why the government must take a careful decision on a series of actions.

The statement that Noh Hyeong-ouk wrote explains that the government wants to monitor the current market situation in the future and respond to the risk of investor damage. Moreover, they want to have control over illegal activities, fraudsters, multi-level scams, and more schemes that are based on the rise of the crypto prices.

It is worth mentioning that South Korea has been imposing stricter controls to the crypto market than other nations around the world. At the end of 2017, South Korea banned Initial Coin Offerings (ICOs) from taking place in the country. Additionally, crypto exchanges in the country are also subject to strict controls and regulations.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide