Members of the South Korean government organized a meeting this Tuesday to discuss the current growth of the cryptocurrency market and possible methods for establishing closer control over the industry, Cointelegraph reports, citing local media.
According to them, the meeting was chaired by the head of the Coordination Service, a government politician, Noh Hyeong-ouk. Representatives of the Ministry of Economics and Finance, the Ministry of Justice and the Financial Services Commission (FSC) took part too. According to the KBS radio station, officials fear that the market will overheat due to the resumption of rapid growth.
Strengthened oversight of local exchanges and intervention to smooth the impact of sharp market movements on investors were called as possible responses to the current situation. They also discussed the possibility of tightening practices aimed at countering fraud, including through the cooperation of local law enforcement agencies with FSC, and changing the law “On Financial Information” to prevent money laundering through cryptocurrency exchanges.
In April, it became known that Korean officials intend to change their approach to regulating the crypto-industry in order to provide it with the necessary support.
