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South Korea Convenes Pan-Governmental Meeting Amid Concern Over Crypto Market Spike

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A South Korean pan-governmental assembly has allegedly been held to launch closer observation of the nation’s cryptocurrency marketplace amid the new sharp uptick in crypto valuations. The information was reported by local broadcasting channel KBS World Radio on May 28.

Now’s assembly, headed by the Minister of the Office for Government Policy Coordination, Noh Hyeong-ouk, has been mostly motivated by bitcoin (BTC)’s recent fracture above 10 million won (~$8,400), the report says. The coin last struck a similar dent around one year ago, together with local officials apparently interpreting the brand new surge for a indication of a potentially overheating market.

Meeting participants allegedly included officials from the Ministry of Economy and Finance, the Justice Ministry and the nation’s financial regulator, the Financial Services Commission (FSC).

Areas of focus included a strategy to carefully surveil national crypto exchanges and also to intervene in an attempt to minimize consequences for investors if the marketplace continue to pump.

Other programs include a pledge to take strong action against any discovered fraud by keeping close coordination between law enforcement authorities and the FSC.

Additionally, the assembly established the requirement to quickly pass a pending revision to the nation’s Financial Information Act, which will outlaw money laundering from crypto exchanges.

Since Cointelegraph reported past month, study from software company DataLight has implied the United States, Japan and South Korea will be the world’s most important supporters of crypto markets.

The report further claimed the bitcoin’s recent price surge had motivated correlated phenomena — especially such as South Korea’s erstwhile Kimchi Premium surcharge — to reappear, together with DataLight proposing the occasions contributed to the market visit prices.

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