South Korea Bitcoin

Cryptocurrency Exhchange Ban is Being Considered in South Korea

South Korea is reportedly “considering” a ban on cryptocurrency exchange as lawmakers criticize it as “deceptive.”

As local news outlet Hankyung reports today, the government is currently looking at changes to the law which would effectively criminalize exchanges in a method similar to China.

“We are actively considering ways to prohibit transactions on domestic exchanges by judging virtual currency trading as a deceptive means of defrauding people […]  under the penal code,” the publication quotes an official as saying.

This, the official continued, requires “serious reviewing and regulation of virtual money traders.”

The latest announcements capitalize on a slew of negative regulatory steps against Bitcoin from Korea in recent weeks.

A full ban on ICOs kicked off a clampdown which will now also see Bitcoin futures outlawed, while cryptocurrency will be subject to income tax and income transfer tax in future, authorities have suggested.

Previous information stated the government’s position on exchanges as requiring citizens on have only one account linked to their real identity.

A sign of the confused approach taken to the booming cryptocurrency phenomenon, this week Korea’s Financial Services Commission also announced plans to lift the ICO ban.