South Korea will strengthen its supervision of the crypto market due to the growth of speculative demand

The South Korean government held an emergency meeting today to discuss the rapid growth of the cryptocurrency market and the associated increase in investment risks..

The meeting was initiated by the Minister for the Coordination of Public Policy Noh Hyun-oak, concerned about yesterday’s jump in the bitcoin rate above $ 8,700 and the possible negative consequences of the cryptocurrency market revival. The meeting was attended by representatives of the Ministry of Economy and Finance, the Ministry of Justice and the South Korean financial regulator.

Noh Hyun-oak said that since virtual currencies are not legal and their value is not backed by anything, sharp price fluctuations due to illegal actions, speculation and regulation can seriously harm investors. Therefore, the authorities need to make a careful decision to minimize the risks and negative effects of volatility..

South Korea will strengthen its supervision of the crypto market due to the growth of speculative demand

Going forward, the government plans to closely monitor the market situation and promptly respond to signs of illegal activity or fraud. In addition, it was proposed to speed up the process of adopting amendments to the anti-money laundering law..

Recall that the State Duma postponed the adoption of the law on the CFA due to FATF requirements.

text: Ivan Malichenko, photo: Shutterstock

South Korea will strengthen its supervision of the crypto market due to the growth of speculative demand

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