South Korea vows firm action against illegal, unfair cryptocurrency trading

South Korea said it will take firm action against illegal and unfair acts in cryptocurrency trading after a 280,000 signature petition was sent to the presidential Blue House.

The petition followed the justice minister saying the government may shut down cryptocurrency exchanges. It demanded that the government never impose unreasonable regulation on virtual currency trading.

“The government’s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology,” said Hong Nam Ki, minister of the office for government policy co-ordination.

South Korea has already imposed regulations on cryptocurrency trading after a market frenzy that attracted even housewives and students.

It banned the use of anonymous bank accounts for virtual coin trading as of January 30, but said it does not intend to go as far as shutting down domestic cryptocurrency exchanges.

South Korea is also planning to announce measures within the first half of the year to develop the blockchain industry, Mr Hong added.