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South Korea responds to a public petition: no crypto trading ban, but the government is still divided

The South Korean government said its regulatory course on crypto-currencies aims to " prevent any illegal act or uncertainties " in new comments Wednesday 14 February.

Cited by various media outlets, Hong Kong's Minister of Government Policy Coordination, Hong Nam-ki, issued a statement in response to last month's public consultation. a petition against severe regulation or outright prohibition of the cryptocurrency trade.

The petition, posted on the site of the South Korean presidential office, has collected to date more than 200,000 signatures. The government is obliged to respond to a petition that gathers more than 200,000 within 30 days

" The government's basic rule is to prevent any illegal act or uncertainty regarding the trade in crypto- currency.] "Hong announced, continuing:

" But, the government is still divided with many opinions ranging from an outright ban on the cryptocurrency trade to the present day. introduction of institutions that manipulate money in the system

The magnitude of the public backlash after Justice Minister Park Sang-ki suggested that laws were in the making. prohibit the exchange of cryptocurrency and that the government was obliged to clarify its position.

" There is no intention to prohibit or restrict to remove cryptocurrency "said the minister Kim Dong-yeon in his statement of 31 January.

The fact that the government emphasizes the " many opinions " clearly shows that a final decision has not yet been made in the country.

Statements arrive just a day after another government source suggested a system of licensing for cryptographic exchanges could be established after the June elections this year. The government representative noted that the proposed system was modeled on BitLicense of New York

In Japan, a similar move to regulate crypto exchanges through a licensing system that began in 2017 is working properly.

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