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South Korea won't close cryptocurrencies trading platforms

2018-02-05

The finance minister of South Korea has just said that the government did not intend to close the cryptocurrency trading platforms.

A confusion since early January

The government of South Korea in early January seemed to want to regulate cryptocurrencies and close trading platforms. February 1, Seoul clarified its position. The Minister of Finance said that citizens would indeed have the right to exchange cryptocurrency. Kim Dong-Yeon, the South Korean minister, said: "There is no intention to forbid cryptocurrency, nor to prevent them from operating."

On the other hand, the exchange platforms will be regulated, the objective being to guarantee the security of the investors.

Persistent worries

The politician had announced that he wanted to ban cryptocurrency trading platforms. This caused the anger and anxiety of investors. A few days later, the government spokesman said it was just a suggestion and that it was mainly about developing a regulatory framework.

Fair Trade Commission Chairman Kim Sang-Joo recalled: "The closure of these platforms is not realistically possible. If we rely on the laws that govern electronic commerce, the government does not have the power to close the cryptocurrency trading platforms."

Today we know that trading platforms will not be banned. On the other hand, they will certainly be heavily regulated.

 

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