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South Korea is preparing a full exchange of crypto & # 39; Ban & # 39; – Local Press

South Korea "would consider" banning the exchange of cryptocurrency as lawmakers criticize it as "misleading".

Hankyung reports today that the government is currently studying changes to the law that would criminalize trade in a method similar to China.

"We are actively investigating ways of banning transactions in domestic markets by judging the virtual currency." Trade cites as a deceptive means of defrauding people […] under the penal code, "the publication quotes an official as saying.

This, the official continues, requires "serious scrutiny and regulation of virtual traders."

Latest announcements capitalize on a series of negative regulatory measures against Bitcoin from Korea over last weeks.

A complete ban on ICOs triggered a crackdown The cryptocurrency will now be subject to income tax and tax on the transfer of income, according to authorities.

According to previous information, the government's position on trade required that citizens have only one account

Sign of the confused approach of the phenomenon crypto-currency booming, the Korean Financial Services Commission announced this week plans to lift the ban on the ICO.

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