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News Link • Korea/North Korea

South Korea Preparing Full Crypto Exchange 'Ban' - Local Press


South Korea is reportedly "considering" a ban on cryptocurrency exchange as lawmakers criticize it as "deceptive."

As local news outlet Hankyung reports today, the government is currently looking at changes to the law which would effectively criminalize exchanges in a method similar to China.

"We are actively considering ways to prohibit transactions on domestic exchanges by judging virtual currency trading as a deceptive means of defrauding people [...]  under the penal code," the publication quotes an official as saying.

This, the official continued, requires "serious reviewing and regulation of virtual money traders."

The latest announcements capitalize on a slew of negative regulatory steps against Bitcoin from Korea in recent weeks.

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