The financial authorities of South Korea, in collaboration with Intelligence Services of the country, see their role in relation to cryptocurrency as something that shall provide transparency and control over the crypto cons and transactions with them.
Hence, according to the official announcement from the authorities, both bodies will collaborate closely with cryptocurrency exchanges to provide strict compliance with valid legislation and norms.
The biggest banks that were noticed in getting profit from cryptocurrency transactions, will be obliged to file reports on all suspicious transactions.
The Justice Ministry of South Korea has offered to ban cryptocurrency in the country. This proposal has caused a wave of protests. That is why stricter regulation still sounds more optimistic than ban.