South Korea SCRAPS plans to ban cryptocurrency trading as Seoul uncovers illegal exchange

Wednesday, January 31, 2018
By Paul Martin

SOUTH Korea has no plans to shut down cryptocurrency trading in the country, Seoul’s finance minister has announced.

Wed, Jan 31, 2018

Earlier this month, the country revealed plans to ban anonymous bank accounts in cryptocurrency trading from January 30.

Following the announcement, a South Korean government official said: “The government is still discussing whether an outright ban is needed or not, internally.”

However, today Seoul’s finance minister Kim Dong-yeon said: “There is no intention to ban or suppress cryptocurrency.”

He went on to say how the government’s immediate task is to regulate exchanges.

South Korea has attempted to tighten controls on cryptocurrencies and on Wednesday uncovered an illegal cryptocurrency foreign exchange trading worth nearly $600million.

Kevin Murcko, CEO of cryptocurrency exchange CoinMetro said: “South Korea have taken a sensible approach today, with the announcement that the country has no intention of banning cryptocurrency trading.

“Regulation, done properly, legitimises the cryptocurrency market and protects investors from fraudulent exchanges. China’s ban on cryptocurrency exchanges has achieved little other than to drive the market underground.

“Now that South Korea has declared its intention to regulate, rather than ban cryptocurrencies, it is crucial that voices from within the cryptocurrency space play an active role in developing and negotiating a regulatory framework that reduces fraud while allowing legitimate projects to thrive.”

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