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In a video statement posted on South Korea’s presidential website, minister of the Office for Government Policy Coordination Hong Nam-ki clarified the government’s position on cryptocurrency regulation. South Korea’s main aim is to make cryptocurrency more transparent as opposed to banning trading altogether.
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Bitcoin Falls After South Korea’s Announcement. by. Let’s remember South Korea is one of the biggest markets in the world for bitcoin. The country’s administration said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to let regulators to close bitcoin exchanges if they felt there was a need to
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According to a new piece of legislation adopted by the South Korea National Assembly, all crypto exchanges in the country will have to obtain a license from the Financial Services Commission (FSC) of South Korea and the Korea Internet & Security Agency (KISA).
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