Jul 272 mins read

South Korea Government Clarifies No Immediate Ban on Cryptocurrency Trading

Citizens Petition Against Ban Proposal and Call for Justice Minister's Removal

South Korean Flag

South Korea government reiterates no immediate ban on cryptocurrency trading

The South Korean government clarified that there will be no immediate ban on cryptocurrency trading and no measures have been implemented yet despite Justice Minister's suggestion to propose legislation to ban cryptocurrency exchanges.

The Planning and Finance Ministry has responded and stated that they do not support or agree with the Justice Minister’s opinion to ban cryptocurrency exchanges. The government will continue to take actions against speculative investments in cryptocurrencies but will engage in further consultations before any measures are enforced.

Following this news, there was a significant drop in local cryptocurrency prices. The citizens of South Korea have filed 100,000 signatures to reject the trading ban proposal and 30,000 signatures for the removal of the Justice Minister and Finance Minister due to the accusation of market manipulation.

South Korea Currency

South Korea Government Responds to Criticism and Petition to Dismiss Justice Minister

The South Korean government has responded to criticism and a petition signed by over 60,000 citizens calling for the dismissal of Justice Minister Park Sang-ki. The Ministry of Justice has faced backlash for their proposed plan to ban cryptocurrency exchanges, which was not approved by other participants in the Korean cryptocurrency regulation task force. As a result, financial regulators have only banned banks from providing virtual accounts for individuals to buy and sell cryptocurrencies.

Bans on Anonymous Accounts

In addition to the ban on virtual accounts, applying for anonymous accounts on cryptocurrency exchanges is prohibited. Banks are installing a new system to ensure that only real-name bank accounts match with cryptocurrency exchange accounts for deposits and withdrawals.

One of South Korea's major banks, Shinhan Bank, has decided not to offer anonymous cryptocurrency accounts for cryptocurrency transactions. For cryptocurrency investors who currently use anonymous accounts at Shinhan Bank, the bank will ban them from depositing funds starting on Monday. The Industrial Bank of Korea, a state-owned bank, will follow Shinhan Bank's decision.

South Korea's National Assembly Building Sout Korea's National Assembly Building

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