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South Korean regulation clarifies its position on crypto regulation in traditional media

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More stringent regulations for the South Korean cryptocurrency industry were announced on Sunday, January 14 Reports from the local Yonhap News Agency said on Sunday, Jan. 14 that Korean traders were to use their real names for cryptocurrency accounts, a potential settlement announced earlier in January, will indeed come at the end of the year. this month, citing "the authorities."

Yonhap reports that fines will also be imposed for those who do not comply with the new regulations, although the amount of the fine has not yet been determined.

Yonhap quotes the statement from the government of today saying:

"The proposed closure of trade that the Minister of Immigration recently mentioned is one of the measures proposed by the Department of Justice to fight against speculation.

A government decision will be made in the future after adequate consultation and coordination of opinions. "

Publication added:

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"Monday's announcement suggests that a closure is not likely in the near future."

The turbulent regulatory landscape of South Korea daily information on how cryptocurrency will ultimately behave under the jurisdiction of Seoul.

In the latest news of Monday, January 15, an official statement from the Office of Government Policy Coordination was issued stating that a ban on cryptocurrency is not in the works and that the government has yet to make a final decision.

Mainstream Media False Reports

On January 11, Justice Minister Park Sang-ki proposed to ban encryption at a press conference. The subsequent misinterpretation of his comments in the mainstream media has caused confusion on social media, which has been corrected several times by local correspondents and traders on Twitter.

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Nevertheless, the FUD – Fear, Uncertainty and Doubt The minister's comments and the misleading reports about them obviously led to a massive sale of cryptocurrency the same day.

Public sentiment on the ground suggests a real consensus to keep trade open and accessible. on cryptocurrency trading with more than 150,000 signatures in press time. If the petition reaches 200,000 signatures by January 27, it will force the government to react, reports the Wall Street Journal.

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