Illegal Trades Surface As South Korea Backs Off Ban On Cryptocurrency Exchanges


On January 31, 2018, those speculating with bated breath over whether South Korea would follow through on a rumored ban of cryptocurrency trading may be letting out long sighs of relief with news that, according to the country’s finance minister, the government has no plans to enact a shutdown.

Finance Minister Kim Dong‐yeon said that the government’s immediate concern is regulation when it comes to exchanges. «There is no intention to ban or suppress cryptocurrency,» said Kim. There has been some back and forth between state officials in South Korea. On January 30, KYC rules restricted approved cryptocurrency‐related trading activities to that of «real name» bank accounts in an effort to curtail money laundering and tax evasion.

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