South Korean government show concern on crypto spike in high level meeting

According to a recent media report, a pan-governmental meeting has reportedly been held in South Korea to institute a tight watch for Korean crypto market in the midst of the topical accretion in crypto appraisals.

The meeting held today was chaired by Noh Hyeong-ouk Whi is currently holding the office for the Ministry of Government Policy Coordination.

According to the report, the meeting was principally stimulated by Bitcoin’s (BTC) fresh breakdown above ten million worth approximately eighty-four hundred dollars (~$8,400).

In the past year, the coin hit a comparable assessment, when local officers supposedly inferring the current rise as a symbol of a possibly heating market.

The participants of the meeting included officers from the economic and Finance Ministry, Justice Ministry and the state’s financial manager, the Financial Services Commission (FSC).

Zones of emphasis encompassed a strategy to strictly supervise local crypto exchanges and to mediate in a proposal to minimalize complications for stockholders so that the market stays propelling.

Other ideas include vows to take tough actions against any fraud spotted by developing a close partnership between law implementing system and FSC.

Furthermore, the meeting emphasized the requirement of swiftly passing an unresolved review to South Korea’s Financial Information Act, which would forbid money laundering through crypto exchanges.

According to a report published last month, multiple research data proposed that the USA, South Korea and Japan are the leading crypto-admirers across the world. In addition, the report stated that the recent escalation of bitcoin price surge has urged related sensations.