After uncovering nearly $600 million…
After uncovering nearly $600 million worth in illegal cryptocurrency trading, Korean officials will not ban cryptocurrency exchanges in the country, but will still regulate the digital exchanges.
“There is no intention to ban or suppress cryptocurrency (market),” Korean Finance Minister Kim Dong-yeon told Reuters .
“Regulating changes is the government’s immediate task,” he added.
The news follows earlier reports that Korean officials were considering whether or not to shut down trading entirely in order to quell tax evasion, prompting disruption to the crypto-market. South Korea is a major cryptocurrency hub for the digital market.
In many ways, South Korea has become a test for the emerging digital market, after the country wholeheartedly embraced the new financial platform, often despite warnings from policymakers.
As of Monday, Jan. 30, the Korean authorities have instituted changes to the trading process.
