South Korean Gov’t Checks Local Crypto Market After Bitcoin Price Rally

News, Regulation | May 29, 2019 By:

The South Korean government is closely monitoring the country’s crypto market again amid the recent boost in crypto prices.

Local broadcasting station KBS World Radio reported that a pan-governmental meeting, presided over by Minister of the Office for Government Policy Coordination Noh Hyeong-ouk, has been held on Tuesday to check on the local cryptocurrency market after the price of bitcoin break above 10 million won ($8,400 USD).

During the meeting, the participants, including officials from the Ministry of Economy and Finance, the Justice Ministry and the Financial Services Commission, reportedly agreed to closely monitor local crypto exchanges and take action to minimize the ramifications on investors should the market rapidly overheat.

The participants also agreed to take robust action against fraud by coordinating with law enforcement authorities and the Financial Services Commission (FSC). They also called for the swift passage of a pending revision to the financial information act, which bans money laundering by cryptocurrency exchanges.