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South Korea isn't banning cryptocurrency exchanges

(Image credit: Image Credit: Julia Tsokur / Shutterstock)

South Korea has defied reports that it will be banning cryptocurrency trading. 

According to Reuters , the country’s minister of finance, Kim Dong-yeon, confirmed the news on Wednesday.

“There is no intention to ban or suppress cryptocurrency (market),” Kim said, before adding that the country will look to further regulate the industry.

In its infancy, cryptocurrencies have been seen as the platform for criminals, trading in narcotics, drugs and firearms. Frequent news of fraudsters using cryptocurrency as a platform for fraud has only added fuel to an already blazing fire.

The media have reported before how different countries were banning the use of cryptocurrencies, their trading, as well as the practice of ICOs, or Initial Coin Offerings.  

Kim Dong-yeon’s comments will be welcomed by the cryptotrading community, especially in South Korea which is a major hub for cryptocurrency trade.

At the same time, the country’s customs announced it had found an illegal cryptocurrency foreign exchange, with trading worth nearly $600 million.

“Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,” it said.

“South Korea has been at the forefront of pushing for broad regulatory oversight of cryptocurrency trading as many locals, including students and housewives, jumped into a frenzied market despite warnings from policy makers around the world of a bubble,” Reuters reports.

Previously, reports from Seoul said the country is considering banning local cryptocurrency exchanges. Although it was confirmed that it was, in fact, one of the considered steps, it seems as it will not happen.

Image Credit: Julia Tsokur / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.