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.


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