Today, it has been denied that the government of South Korea intends to completely prohibit the use of cryptocurrencies in the country.
Recently, statements from a member of the Ministry of Justice of South Korea circulated around the world affirming that cryptocurrencies would be completely banned in the country, due to the fact that fraud and money laundering are encouraged with their use. However, this information has been denied today, since the government will only apply some regulatory measures for cryptocurrencies, while discussions continue on this matter.
The confusion was caused by statements of Choi Jin-seok, the prosecutor who closely follows some crimes related to cryptocurrencies, who exposed in a media outlet that would not rule out, as a solution to these crimes, the complete prohibition of cryptocurrencies. throughout the South Korean territory. These statements were made in the framework of the controversial launch of the so-called "bitcoin futures", which again caused the government alarms to go off.
Given this inaccuracy, the chairman of the Financial Services Commission (FSC), Choi Jong-ku, explained during a press conference that there are still conflicting positions among the main government actors, so that for the time being certain conditions will be set for the use of the cryptoactives and the discussion on the regulation will continue, since a prohibition that tries to minimize the related crimes can not be issued if first there is no legal framework in this regard.
The government agencies expect that the conditions guarantee the fulfillment of the obligations between the parties. To do this, users must provide their real identities through KYC interviews and must provide a verifiable proof of income. In addition, bidders must provide sufficient investment information to their clients and add extra cryptographic keys against money laundering.
This is not the first time that the Government of South Korea has ruled on cryptoactives. He has previously shown interest in relation to distributed accounting technology and cryptoactives, since by the end of September a meeting was held between the main economic and political actors of the country, and ended up prohibiting the completion of Initial Offers of Currency. (ICO) in the territory, in order to prevent these operations from significantly affecting the national economy.
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