Ban of Crypto Exchanges in South Korea 'Not Finalized'

January 11, 2018

Ban of Crypto Exchanges in South Korea 'Not Finalized'

Office of the President of South Korea shed some light on the possible ban of all cryptocurrency exchanges in the country.

It was originally reported on Wednesday that South Korea authorities are planning a complete ban of crypto exchanges as a measure to stop cryptocurrency trading as the speculation on this market is growing. Reuters cited Minister of Justice Park Sang-gi who said that the goverment is already preparing a corresponding bill. 

However, on Thursday Reuters also reported citing a spokesman that the bill has not been finalized yet:

"Justice Minister Park’s comments related to shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it’s not a measure that has been finalized."

Nevertheless, even if the bill is approved, it would not come into effect immediately. The reason for it is that a decision that serious requires the majority of votes of all 297 members of country's Parliament. This process is not a quick one and it could take months or even years. 

It is believed that the authorities of South Korea are mulling the idea of a total ban of crypto exchanges because they are accusing such exchanges as Bithumb and Coinone of tax evasion. Reuters reported that both of these exchanges were already raided by police and tax authorities. 

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