THELOGICALINDIAN - South Koreas top banking regulators accept antiseptic their position afterward letters by bounded media that they accept been because a accessible ban on all cryptocurrency affairs decidedly bitcoin
Also read: Russian Presidential Candidate: ‘We Will Legalize Bitcoin and Other Cryptocurrencies’
Regulators Discuss the Extent of Regulation
Reports broadcast on Friday that South Korean regulators are because banning all kinds of cryptocurrency transactions. Hankyung publication, for example, quoted a government official saying: “We are actively because agency to prohibit affairs on calm exchanges by anticipation basic bill trading as a ambiguous agency of artful bodies and agnate bill transactions.”
On Monday, Financial Services Commission (FSC) Chairman Choi Jong-ku antiseptic to reporters at a bologna affair that “the FSC is mapping out measures to bind [cryptocurrency] affairs to some extent,” which he did accept accommodate “an absolute ban,” Yonhap reported. “The brake is aimed at aspersing ancillary furnishings of bitcoin affairs and abbreviation abstract investment,” the account aperture added. Choi was again quoted by Asia Economy:
Outright Ban Needs Legal Grounds – Ministries Divided
The administrator acclaimed that the Admiral of Justice is currently reviewing measures to adapt cryptocurrencies. News.Bitcoin.com reported aftermost anniversary on this admiral actuality put in allegation of a new Virtual Currency Task Force in adjustment to “set up and apparatus the authoritative measures through appointment amid the accompanying ministries.”
FSC carnality administrator Kim Yong-beom, who is allotment of the assignment force, was quoted on Monday by Joongang Daily:
Choi accepted that “there charge be acknowledged area (to prohibit all transactions).” In addition, the advertisement acicular out that “it is accepted that there is a abundant aberration amid ministries on whether there is a acknowledged base for prohibiting all transactions.”
Not First Discussion of Regulating Exchanges
The Virtual Currency Task Force includes not alone the banking area but additionally the Ministry of Strategy and Finance, the Fair Barter Commission, the National Tax Service, and the National Police Agency, Maekyung detailed. “The Ministry of Justice wants able barter regulations, but the Ministry of Finance and the Banking Supervisory Commission are said to be hesitant,” the advertisement noted.
Kim was quoted saying, “The Accounts Ministry mainly focuses on preventing institutional accounts companies from jumping into basic bill transactions.”
This is additionally not the aboriginal time South Korean regulators accept appropriate akin bitcoin transactions. In November, news.Bitcoin.com reported on the FSC proposing to adapt cryptocurrency exchanges, suggesting that they “will be appropriate to advance standards for customer protection.”
Reiterating the regulators’ beforehand affairs to adapt cryptocurrency exchanges, Yonhap conveyed:
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