Demand for Bitcoin and other cryptocurrencies surge in South Korea
Korbit founder and CEO Tony Lyu
“Word just spreads really fast in Korea. Once people are invested, they want everyone else to join the party. There’s been this huge, almost a community movement around this.”
South Korean government plan regulations by 2018’s end
Chosun, a South Korean mainstream media outlet, reported that South Korean Ministry of Strategy and Finance, Ministry of Justice, Financial Services Commission, Fair Trade Commission and Financial Supervisory Commission have created a cryptocurrency task force to investigate into various aspects of the cryptocurrency market the government will be able to regulate in the short-term.
One of the spokespersons of the task force told Chosun that the South Korean government intends to follow the regulatory frameworks and roadmaps integrated by leading economies and Bitcoin markets such as Japan and the US.
The Spokesperson said:
“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”
Thomas Glucksmann, Hong Kong-based head of marketing at cryptocurrency exchange Gatecoin added:
“Given the size of the market, there’s a greater need for them to come up with something soon.”
source
https://cryptocoingrowth.com/2017/12/10/south-korea-bitcoin-frenzy-everyone-is-rushing-to-invest-in-cryptocurrencies/
https://cointelegraph.com/news/in-unexpected-move-south-korean-regulator-suddenly-bans-bitcoin-futures-trading