The South Korean government answered the petition entitled “Has the government ever dreamed a happy dream for the people?” It was filed on December 28. This petition claims the government to avoid excessive regulations for cryptocurrencies in the country and asks not to make unfair regulations on crypto investments.
By January 27, the petition was signed by 228,295 people. According to the rules set by the Blue House, the government must respond to any petition with over 200,000 signatures within a month.
It is the basic policy of the government to prevent illegal acts and uncertainties in the process of virtual currency transactions, and actively nurture blockchain technology…Transparency of virtual currency transactions within the framework of the current law is a top priority…We have been attentive and careful, keeping an open eye on market conditions, international trends, and all means.
Minister of the Office for Government Policy Coordination
In the middle of December, the Korean government started announcing regulatory measures for cryptocurrencies. Since then, the regulators implemented the real-name system on January 30.
The Korean Ministry of Justice proposed the most extreme measures including an outright ban on cryptocurrency trading. However, other ministers did not support such measures.
At the moment, regulators are developing the ways to tax crypto. There will be an official announcement within the first half of the year.