South Korea's response to the petition

South Korea’s government has been hesitating about crypto-trading regulations for a long time, and now, Feb. 14, seems to be approaching a conclusion.

Last month a public petition had gathered over 200,000 signatures which obliges the government to respond. The minister of the office for government policy coordination Hong Nam-ki released a statement: “The government’s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology,” and added: “...The government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system.”

Another government source suggested a licensing scheme for crypto exchanges could be established following elections in June this year. In Japan, a similar move to regulate crypto exchanges via a licensing system that began in 2017 is functioning successfully.