South Korea will not block the Betquin, but according to a senior government official, regulators will stop digital currency trading platforms in the future if the proposed regulations fail to control "illogical" markets in the country.
South Korea is considering the closing of the Betquin trading platforms
According to reports from various local media, Hong Nam-ki, Minister of the South Korean Government Policy Coordination Office, said regulators would consider shutting down digital currency platforms if new measures to curb digital currency speculation failed to get the desired effect . "We plan to consider all possible measures in the future, including the closure of trading platforms," Hong told reporters, according to Seoul-based business news agency BusinessKorea.
According to a report by the Korean newspaper The Korea Times, Hong said the Korean Ministry of Justice has already proposed the closure of digital currency trading platforms, although the government has not yet followed the proposal. While CCN reported that South Korea has announced a set of new regulations governing the digital currency trading platforms in the country. Under the new measures, users will no longer be allowed to trade anonymously, and minors and foreigners will be prevented from creating business accounts. Furthermore, trading platforms will be barred from allowing merchants to open new accounts until name verification policies are implemented. The government has also begun to conduct physical inspections of the digital currency trading platforms, a practice that began in earnest following the crackdown on the local trading platform "Youbit" and subsequently filed a bankruptcy report for the company. According to a statement released after the inspections, organizers considered that security and management operations on most platforms were "inadequate".
Pitcairn mania "pathological phenomenon"
The measures aim to calm Korea's digital currency markets, where digital currency prices are often higher than world prices due to domestic demand and the difficulty of international arbitration. More than three out of 10 Korean workers have invested in the Betquin, and even middle school students have been brought in for daily trading. It is clear how widespread digital obsession is in South Korea, so Prime Minister Lee Nak-yon has commented on the issue, describing it as a "satisfactory phenomenon" that could promote criminal activity.
But although regulators have suggested the possibility of a close of trading platforms, many traders believe that this is unlikely to happen, especially given the sheer volume of domestic markets. The most likely scenario is that the government closes individual trading platforms for non-compliance with regulatory requirements, a move that can help prevent future breakthroughs and strengthen long-term markets.
