South Korea eyes adopting New York's crypto regulation

South Korea eyes adopting New York's crypto regulation

SOUTH KOREA has unveiled its plans to regulate cryptocurrency trading by adopting a system which resembled New York's controversial "BitLicense" policy. The government now has to officially respond to the petition as with any petition that has more than 200,000 signatures on it.

Rather that the government is placing a priority on the transparency of cryptocurrency transactions within the 'framework of the current law'.

The country's justice minister said earlier that the government may fully stop cryptocurrency exchanges and urged the later not to impose any unfair regulations on trading.

It banned the use of anonymous bank accounts for virtual coin trading as of Jan 30, but said it does not intend to go as far as shutting down domestic exchanges. "Undesirable things occurred during the check-up process, such as money laundering through an unconfirmed virtual account or, in some cases, depositing customer money in the accounts of employees in the business", Hong said in the video.

Still, it seems that the possibility to entirely ban cryptocurrency trading in South Korea, similarly to China, is not entirely ruled out yet, according to Hong.

Following months of uncertainty, the South Korean authorities appear to still be on the fence about cryptocurrency trading and continues to send mixed signals, as per most recent media reports.

Nam-ki's remarks come at a time of the government's response to a petition that saw 280,000 signatures opposing a severe clampdown on cryptocurrency exchanges.

Elsewhere in the government response, Hong also stressed that fostering blockchain development will be one of the primary focuses of the government in the coming year.

"We will do our best to improve technology competitiveness by developing technology for the blockchain or applying to the industry".

He said the government largely expanded this year's budget related to the technology and will unveil in the first half of the year basic plans for advancing related industries.

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