Korean minister says all 200 crypto exchanges in the country face a risk of closing down

Register now on Binance, add 50$ and get 100$ bonus voucher!

Eun Seong-soo, chairman of South Korea’s finance committee, said this morning that more than 200 cryptocurrency exchanges are at risk of being shut down this September if they do not comply with current rules, according to a report by leading local trading firm Chosun.

He added that officials plan to tax cryptocurrency trading and that the government has no plans to protect investors who invest in cryptocurrencies.

#PANews April 22, p. Korean #FSC chief #EunSungSoo said all #crypto exchanges in Korea may be closed in September.

️Eun explained: About 200 cryptocurrency exchanges in South Korea must register to operate, but none have completed the process in Congress yet pic.twitter.com/iJcmdOpw92

– PANews (@PANewsOfficial) 22. April 2021

Rules for Korea

Earlier this year, South Korea introduced new laws for crypto companies and traders in the country, including stricter regulations, a new KYC policy, a different tax system, and a requirement for all crypto companies to register in the country.

The revised Special Currencies Act entered into force on 25 January 2009. After a six-month delay, it will enter into force on 24 March. September. According to the amendment, cryptocurrency companies must meet requirements such as Information Security Management System (ISMS) certification and the issuance of real name accounts.

But according to Eun, no exchange of cryptographic information had been registered with the government under the special currency law to which he responded: There are dogs, but they can all be taken out. They may suddenly close in September.

The harsh comments did not stop there. Eun said that while stock markets and traditional markets protect investors, the cryptocurrency market offers no protection and is not even comparable to buying and selling pictures.

I don’t think you should protect (investors) because people are investing and interested in more money. If you go the wrong way, it’s the wrong way, he explained.

Follow it, Korean government: We will tax cryptocurrencies, but we don’t consider them financial assets and we don’t think about protecting them https://t.co/1YrWycTHCM https://t.co/EU4QkSG7CJ.

Register now on Binance, add 50$ and get 100$ bonus voucher!

– Doo (@DooWanNam) April 22, 2021

crypto-currency market boom

Eun’s comments come amid a booming cryptocurrency market in Korea and rising trading volumes. As reported last month, the volume of cryptocurrency trading on some days has surpassed that of the country’s stock market, the first such case in the world.

According to analysis tool CoinGecko, Korea’s three largest cryptocurrency exchanges traded nearly $20 billion in the past day alone, while other major exchanges traded more than $100 million.

Although Eun’s statements sound the death knell for local stock markets in South Korea, industry experts believe they are more of a warning than a final judgment.

This is an understandable explanation, given the accumulation of different problems. But I see it more as a warning, says Doo Wan Nam, business development manager at MakerDAO Asia in Seoul. Korean traders are probably hoping for the same.

An edge in the cryptocurrency market

Get access to more cryptographic insights and context in every article as a paid Edge member.

Chain Analysis

Price overview

More context

Join now for $19 a month Discover all the benefits

Do you like what you see? Subscribe to updates.

Related Tags:

coinbasecoinmarketcapkorean cryptocurrency exchangessouth korean cryptocurrency coinskorean crypto coins listsouth korea cryptocurrency news,People also search for,Privacy settings,How Search works,korean cryptocurrency exchanges,south korean cryptocurrency coins,korean crypto coins list,south korea cryptocurrency news,netherlands crypto regulation,brazil cryptocurrency regulation,cryptocurrency in iran,is bitcoin legal in iran

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Tonga accepts Bitcoin donations amid tsunami onslaught

A small island of Tonga has been hit by a tsunami, and the country is calling for donations in Bitcoin. The nation’s Prime Minister...

How to Buy Solana (SOL) in India

It is important to know how you can buy SOL in India. It’s no secret that the Indian market has only recently begun to...

How to Buy Flow (FLOW) in India

Flow is a cryptocurrency that was introduced in June 2018. It uses the Ethereum blockchain platform, but has its own built-in digital currency called...

Moonbeam Goes Live on Polkadot, Becomes its First Fully Operational Parachain

Moonbeam, the world’s first fully operational on chain scaling solution was released into the wild this week. The Polkadot-powered platform aims to provide scalability...

Stacks ecosystem becomes #1 Web3 project on Bitcoin

The Ethereum blockchain, which powers the Stacks ecosystem’s token STX, has become the most important web3 project on Bitcoin. The announcement is a sign...

Related Stories