It seems as though every day that passes brings with it some fresh news related to bitcoin and cryptocurrency regulation globally. In line with this, and as per the latest development in the space, news just hit press that yet another Asian nation was outlining its proposals for a regulatory framework in the sector and that – this time around – the country in question is South Korea.
As per a report published in the Asia Times on Monday, financial policymakers in South Korea have set up what is currently being referred to as a virtual currency countermeasure task force that has been handed the remit of promptly reviewing measures to (and we are quoting here) ‘strictly’ regulate virtual currency transactions.
Over the last few weeks, we have seen similar taskforces set up globally in countries like the UK and certain parts of East Asia, and that South Korea is following suit isn’t really too much of a surprise. What is something of a surprise, however, is the strong rhetoric used by the government in its purveying of the fact that it is setting up the task force in question, with the use of the word strictly suggesting that we may see the country take a harder line than many others currently seeking to put in place similar, but more accommodative, regulations.
Here’s what the Asia Times had to say on the news:
“Related agencies have expressed serious concern about the recent rise in virtual currency speculative trading and the continued increase in virtual currency-based offenses.”
And, as per the same report, this is what the South Korean government had to say:
“We agreed that the Ministry of Justice will be the main ministry and will set up and implement the regulatory measures through consultation between the related ministries.”
Exactly when these sorts of regulations will be put in place remains to be seen but given how the government in South Korea has chosen to express its actions, there is a good chance we will see them enacted relatively quickly and – in line with what we’ve said above – with a relatively strong hand.
Let’s see what happens.