The vice-chairman of Korea’s Financial Services Commission, Kim Yong-beom confirmed the offisional plans to regulate bitcoin and cryptocurrencies and unbun ICO. Financial institute considers that this measures will be necessary to curtail money laundering and tax dodging. Also at the National Assembly today they have discussed a bill about a legal framework on cryptocurrencies.
The government doesn’t consider cryptocurrencies as money or financial products. We will regulate bitcoins to curtail money laundering and tax dodging.
vice chairman of Financial Services Commission
The ministry has also dismissed cryptocurrencies by claiming and he consider cryptocurrencies will not become the new gold or money in the future. Also they decided that the lack of government or institutional backing has relegated cryptocurrencies to merely become a source of speculation. And that could possibly harm citizens. Then the TF will review regulatory measures on trading of cryptocurrencies to prevent probable crimes.