The Cryptocurrency Situation in South Korea is Heating Up

Earlier this week, a controversial statement by the South Korean minister of Justice Park Sang-ki shook the crypto markets. Sang-ki claimed that the justice ministry was preparing a bill to ban trading on cryptocurrency exchanges. Shortly after, his statements were denied by the Blue House, which is the headquarters of the South Korean government's executive branch.

The controversy only grew stronger with major South Korean cryptocurrency exchanges Bithumband Coinone being raided by regulators as part of an investigation into possible tax code infractions.

The citizens of South Korea did not take kindly to the ambiguous messaging coming from their government - the Blue House website has been swarmed with petitions demanding that the government does not crack down on cryptocurrency exchanges, with some of them exceeding 100,000 signatures. Read Full Article Click Here