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.