|Jan 19, 2018 01:36 AM||By: Guest Author | 15601 Views|
The South Korean Fair Trade Commission does not have the power to stop all crypto exchanges. “It is very difficult in reality,” said the KFTC chairman. The agency is currently reviewing 13 major exchanges operating in the country for alleged breaches of the e-commerce law.
The KFTC is currently reviewing 13 major cryptocurrency exchanges for alleged breaches of the South Korean Electronic Commerce Law, including Bithumb, Coinone,Korbit and some other exchanges according to local media news.
Chairman of KFTC Kim Sang-Joo stated on Wednesday that “the e-commerce law does not have the power to close virtual currency i.e bitcoin or other coin exchanges,” adding that “it is impossible in actuality.” In an interview on CBS radio, he embellished:
We do not have the power to close virtual currency exchanges…It is a definite reality that there is no proper legal provision related to it.
When required if other ministries could ban or close cryptocurrency exchanges, Kim indicated, “cryptocurrency has recently risen and other laws do not have the exact legal terms related to closing exchanges.”
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In extension, Kim mentioned on what the Justice Minister Park Sang-ki said freshly about cryptocurrency trading being a form of gambling, stating:
I do not agree with the stance of Justice Minister Park Sang-ki, who stated, ‘cryptocurrency investment is gambling’.
Kim also stated on Wednesday that “there are many criminal activities discovered during the investigation.”
For different exchanges in breaking of the law, “I will tell them and make appropriate compromises” to remedy the situations, he told. “In particular, we will call for voluntary improvements at least in the first half of the year,” he added. Yet, if the problems persist, the FTC will seek “more direct reforms through legislative amendments in the second half of the year.”
While, other regulators are reviewing alternative measures to stop an overheating in cryptocurrency gambling and illegal activities in the crypto market, Yonhap summarized. According to the Financial Services Commission , “The government is reviewing all options to shut down virtual currency exchanges or to close only those exchanges that have committed illegal acts,” the news outlet conveyed.
“We are doing what we can do right now within the framework of the current law,” Hong Nam-ki, head of the Office of Policy Coordination, was quoted by KBS on Thursday.