South Korea Doesn't Plan to Shut Down Cryptocurrency Trading, Says Finance Minister

Bitcoin price Ripple ethereum

Earklier this month South Korean justice minister Park Sang-ki said the government was working on a bill that would effectively halt cryptocurrency trading in "domestic exchanges".

New regulation of bitcoin and other cryptocurrencies has come into force in South Korea, one of the biggest markets for trading.

"Now that South Korea has declared its intention to regulate, rather than ban cryptocurrencies, it is crucial that voices from within the cryptocurrency space play an active role in developing and negotiating a regulatory framework that reduces fraud while allowing legitimate projects to thrive".

Kim's comment came after Korean customs announced earlier on Wednesday that it had detected an illegal foreign exchange trading almost $600 million worth of cryptocurrencies.

The main offense is illegal foreign exchange trading.

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Seoul previously said that it is considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered bitcoin prices.

The country's customs service said in a statement on Wednesday (Jan 31) that about 637.5 billion won (S$777.27 million) worth of foreign exchange crimes were detected.

Only licensed banks and brokers can offer foreign exchange services in South Korea.

The customs office added that it would continue to monitor the use of cryptocurrencies in cases like illegal currency trading or money laundering. The residents and local companies who move more than an amount of $3,000 out of the country at a time are required to submit documents to the tax authorities explaining the reasons for the transfers. While many analysts and experts believe that while South Korea may be seemingly attacking Bitcoin, the real-name bank accounts system will give more security to investors and to the market.

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