Shutting Down Cryptocurrency trading is Illegal – South Korea’s FCA

South Korea Ban cryptocurrency

The leading agency on consumer protection from South Korea has hoisted the enthusiastic confidence for Asian traders by holding its ground that the ban of virtual currencies is illegal.

In case there was any doubt the South Korean government is absolutely split on the idea of banning cryptocurrencies, one more state agency has added to the confusion by airing its opinion on the matter.

The prohibition of crypto-trading is illegal according to the Financial Consumer Agency:

“The government has yet to establish the legal grounds over related laws for consumer protection, in particular in the cryptocurrency market. Who is to blame for lots of negative news about the craze in the cryptocurrency market? It doesn’t make any sense that markets and investors should take responsibility,” THE FCA SAID.

The unit recommends that the President Moon Jae steps in and deviates the on-going train from entering any more escalating or confusion area.

However, an official statement from the President either condemning or endorsing digital currency trading has yet to been seen even that a petition asking out for his take on the matter did surpass 200k signatures.

The only institution to budge was the justice ministry, which insisted that it was banning cryptocurrencies until it was shot down by both the Office for Government Policy Coordination and the Residence of the President.

According to the agency – the FSC Financial Services Commission has take on the confusion that is taking place for a few weeks now:

“Financial Services Commission Chairman Choi Jong-ku showed his inability to take on the issue. Relevant government offices need to present a unified stance and clear message to the market along with measures over how to enable the digital currencies to transform the finance industry,”

If the stance that the agency holds up on the event does have strength and weight to be proven for the GOV of South Korea, this could mark the end of the talk about banning cryptos.