Hello Steemians,
Today I'll be posting about the current situation going on in Korea.
Bitcoin dropped 10% today after the South Korean Minister of Justice announced they are planning to legislate bill to shut down exchanges and ban cryptocurrency trading in Korea. According to his announcement ministries, departments and related constitutions have no disagreement in this move. After the announcement, the bitcoin price in Korea dipped more than 30%.
(Ministry of Justice made an announcement this morning : http://news.chosun.com/site/data/html_dir/2018/01/11/2018011101571.html)
Regulation on cryptocurrency has been a big issue since last December in Korea. Currently cryptocurrency market is under no regulation and is tax free state at this moment. Related departments established a task force to discuss about this issue.
The Ministry of Finance wants the regulation to be focused on tax. The Ministry of Science & Technology is aware that heavy regulation might lead to loss of opportunity for future industry.
The South Korean Congress is also aware of regulating cryptocurrency market and the legislation was on progress which DOES NOT include shutting down cryptocurrency market.
After the big panic sell today, the Blue House made an announcement that "Shutting Down Exchanges is not the Official Stance of the Government"
It is the Ministry of Justice, who wants strong regulation while other Ministries do not agree and currently nothing's decided. Keep an eye on Korean regulation for a while guys.