“Closing local cryptocurrency exchanges was impossible and unrealistic.”
Kim Sang-jo, Chairman of FTC, during local radio interview said:
“It is a clear reality that there is no applicable legislation [to ban cryptocurrency exchanges],”
Later added that “closure of cryptocurrency exchanges was unrealistic possibility”
What does it means?
As we wrote earlier, South Korea doesn’t want to ban cryptocurrency exchange markets. Now they confirm, that [banning exchange markets] is unrealistic and impossible.
Every investor should be responsible for their own investments. What’s more, an intervention in regulations is against free market principles.
However, the FTC is investigating every cryptocurrency exchange that could be involved in breaking electronic commerce laws set forth by the FTC.
According to Kin Sang-jo speech, if there are any illegal activities in cryptocurrency exchange, the government should react and regulate the law.
“The results of the investigation into possible e-commerce violations are to be out shortly, but any violation of the electronic commerce laws is not enough in itself to legally force the closure of cryptocurrency exchanges,” said Kim.
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