South Korean Govt Holds High-Level Meeting on Crypto Spike

Asia Blockchain Review
June 12, 2019

Amid a recent surge in crypto prices, the South Korean government has convened a high-level, inter-agency meeting to discuss monitoring of the domestic market, according to a report by Cointelegraph.

The development had initially been reported on May 28th by local broadcasting station KBS World Radio.

BTC Breaks 10M Won, Spooks S. Korean Government

Noh Hyeong-ouk, Minister of the Office for Government Policy Coordination, had chaired the meeting, in which the Ministry of Economy and Finance, the Ministry of Justice, and national financial regulator the Financial Services Commission (FSC) were represented.

According to Cointelegraph, the main reason for the meeting was Bitcoin’s (BTC) recent valuation over 10 million won (approx. US$8,400), a near-year record that officials saw as a sign of an overheating market.

The meeting sought to devise a plan for detailed monitoring of domestic crypto exchanges and mechanisms for intervention in the case of further market instability. Officials pledged to coordinate closely with law enforcement and financial regulators to detect and prosecute any fraud.

The meeting also acknowledged that the country’s Financial Information Act is in need of amendment to counter money laundering via crypto exchanges.

Crypto Exchanges Flourish in the US, Japan, and S. Korea

On April 29th, software firm DataLight published the results of its survey into the origin of traders using major crypto exchanges. According to its findings, the most visits to crypto exchange platforms were to those based in the United States, followed by Japan and South Korea.

Datalight further surmised that the surge in BTC valuations has prompted the reappearance of associated phenomena, such as the “Kimchi Premium,” where Korean traders pay a premium for Bitcoin on exchanges when calculated in US dollar terms.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
GSMA Hong Kong Expresses Positive Outlook for Blockchain
Paul Ulrich, Senior Policy Manager of APAC, GSMA Hong Kong, revealed that developing countries acros...

August 22, 2019

India’s Reliance Jio Unveils Its Massive Blockchain Network
Reliance Jio will install across India one of the largest blockchain networks in the world “with ten...

August 22, 2019

Mosendo, the Final Piece of the Cryptocurrency Payments Puzzle
We kick off the interview series with Clayton Roche, the Head of DeFi with Mosendo and the community...

August 21, 2019

Escalating Protests in Hong Kong Reinforce Bitcoin’s Safe Haven Status
Demand for Bitcoin is surging as more people look to reliable safe haven currencies in the face of e...

August 21, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us