An official in charge of devising measures against cryptocurrency speculation was found dead in Seoul this Sunday. The likely cause of death is heart attack according to media reports.
Additionally, police are already investigating the cause of death of the officer attached to Office for Government Policy Coordination. He was in his 50s. Colleagues say he was under stress since taking office late last year.
South Korea and cryptocurrency regulations
South Korea is already into charge of regulating cryprocurrencies since November last year. The crypto regulations are now in place since mid January this year. To start with, the government formed a group of vice minsters led by minister of the Office for Government Policy Coordination Hong Nam-ki in November.
The decreased coordinated opinions among various ministries about crypto regulation matters. He organized weekly meetings for Hong and other vice ministers.
The new rules require for identification of account owners when opening accounts with banks to trade cryptocurrencies. This will help in ending scam and use of cryptocurrencies in illegal activities. It will also assist authorities in tax matters.
Crypto market regulation in 2018
At the start of the year 2018, most of the country’s monetary authorities have introduced ICO regulations. Hence, countries like China and South Korea officially banned the ICO operated on their regions. While most of the countries like Canada, USA, Japan issued several official conversations to endorse cryptocurrencies.
Stephen Obie, a companion at international law organization Coin-Center, states a related notion:
“I think certainly more clarity will come about through enforcement actions and other guidance that the SEC will give in the tokenized marketplace. The regulator knows about this market and takes it seriously.”
Therefore, several monitory regulators affirmed planning to pass the crypto law to prevent from dishonest programs like money-laundering and terrorism financing for cryptocurrency traders and investors.