South Korea weighted on Wednesday it will take firm action against illegal and unfair performances in cryptocurrency trading after a petition with 280,000 signatures was sent to the presidential Dismal House.
“The government’s basic rule is to prevent any illegal acts or uncertainties on cryptocurrency trade, while eagerly nurturing blockchain technology,” Hong Nam-ki, ecclesiastic of the office for government policy coordination, said in a statement.
The petition demanded that the superintendence never imposes unreasonable regulation on virtual currency trading. It was make to appeared after South Korea’s justice minister said in January that the direction may shut down cryptocurrency exchanges.
The government has to produce an official retort within a month for a petition that gathers more than 200,000 signatures. South Korea, which has enhance a cryptocurrency trading hub after a market frenzy that attracted steady housewives and students, has already imposed some regulations on cryptocurrency interchange.
It banned the use of anonymous bank accounts for virtual coin trading as of Jan. 30, but powered it does not intend to go as far as shutting down domestic exchanges.
“But, the government is unruffled divided with many opinions ranging from an outright ban on cryptocurrency swap to bringing the institutions that handle the currency into the system,” Hong spoke, adding that the government will thoroughly review the industry within pandemic norms.
South Korea will also develop ways to tax effective currencies, led by the finance ministry, and should announce measures within the sooner half of the year to develop the blockchain industry, Hong said.