Financial Services Commission, the Ministry of Strategy and Finance, Ministry of Justice, Fair Trade Commission, Financial Supervisory Commission of South Korea were holding an emergency meeting to discuss the critical state of South Korean market of cryptocurrency. One of the purposes was also to define the main points about regulation and legislation that would regulate the cryptocurrency market.
The main points though are already defined, like:
– Not allowing foreigners to trade cryptocurrencies in the South Korean market;
– Introduce proper regulation for cryptocurrency and legitimate transaction providers.
Increasing number of fake crypto-exchanges and bitcoin and other cryptocurrencies scams made the South Korean government and financial institutions think seriously about the introduction of proper regulation and imposing some limits on cryptocurrency trading.