South Korean government: pay close attention to encryption market trends, suggest investors to invest in virtual currency carefully

According to the official announcement of the Korea Financial Commission, on May 28, the South Korean government convened a meeting of relevant departments (including the Ministry of Enterprise, the Ministry of Justice and the Finance Committee) chaired by the Minister of State Adjustment, and discussed the recent trends in the virtual currency market. A few key points:

1. Recently, the price of virtual currency has risen sharply, and the government is paying close attention to the market situation;

2. Lu Yuxu, head of the State Affairs Adjustment Office, said that virtual currency is not a legal currency and no one can preserve it. Therefore, factors such as illegal behavior, speculative demand, and changes in the domestic and international regulatory environment will cause large fluctuations in the virtual currency market, causing large losses;

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3. Re-emphasize a series of actions that require careful investment in virtual currency;

4. In the future, the government will continue to closely monitor the market situation and actively respond to avoid investor losses;

5. For fraud, pyramid schemes and other illegal activities, the government will strictly control through financial institutions and other institutions;

6. Taking into account the results of the ICO survey ("19.1") and international trends, I hope that Congress will pass the amendments to the Specific Financial Information Act as soon as possible to prevent money laundering.

Note: In January of this year, the Korea Financial Supervisory Authority (FSS) released the results of the survey on ICO. FSS has 24 ICO projects in Korea during the three months from September to November 2018 (including 2 ICO projects midway). Interrupted) investigated. The South Korean government believes that in order to protect investors and prevent speculative recurrence, the ICO ban should continue.

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