South Korea will support «normal» cryptocurrency trading

South Korea seems to soften the position in relation to trade cryptocurrencies. According to Yonhap News, Cho, Hang-Sik (Choe Heung-sik), the head of the financial Supervisory Service, said that the government «will support cryptocurrency trading when making normal transactions.» At the meeting with representatives of cryptocurrency exchanges Cho also said that the government «will encourage» banks to work with exchanges.

Despite the brevity of this statement, it is of great importance for the cryptocurrency community in South Korea after months of uncertainty, when the government is going to ban the cryptocurrency trade, reported
about the impending taxation of cryptocurrencies.

After the news appeared information about the fact that South Korea can «restrict or suspend» the trading prices of the digital currency, including bitcoin, declined sharply in mid-January. Soon after the Finance Minister reassured representatives of the markets, noting that regulation
cryptocurrency exchanges is «the immediate task of the government», although he did not rule out the possibility of a ban.

A ban on anonymous cryptocurrency trading in South Korea entered into force on 30 January — now cryptocurrency transactions must be conducted through accounts that are tied to identity. Stock exchanges and traders, neglecting the Ordinance will be fined in case of detection of such violations.

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