They had been rumors about the ban of cryptocurrency trading in Korea. We cam across a trader who gave his view. Check the post below and comment if you have a contribution
I’m a foreigner, living in Korea and have accounts on 2 exchanges here. Just wanted to share what the situation is now, what I know, and my opinion. I’m no expert, so feel free to comment and share/add info but no need to reply with anything rude or critical as I’m just posting to be helpful.
1. There is no ban on crypto here now, and imho not likely to be one.
2. Exchanges here issue virtual bank accounts to deposit and withdraw money
3. On some exchanges it has been really easy to make these accounts and buy/sell, so minors and unregistered foreigners were doing so.
4. Exchanges here heavily inflate prices and could perhaps be doing things they shouldn’t
So, for now it just seems the government is seeking to do the following things through regulations.
1. Stop all minors and unregistered foreigners from making new accounts and shut down existing accounts that are not properly registered. (I’m a resident here and my account is currently totally unaffected) 🙂
2. Monitor exchanges and ensure they are following current and future laws.
3. Find a way to somewhat control and tax crypto so they can get their cut.
On a side note, go get some ICX because I think it’s gonna be going bananas over the next few weeks and beyond.