Government Officials from South Korea Is Prohibited From Trading or Holding Cryptocurrency

One of the mainstream media outlet MBN in South Korea, has reported that the South Korea government officials are prohibited from trading or holding any type of bitcoin or cryptocurrency.

Due to constant update of the local market reports of the MBN, states that even with government officials who is not related to the South Korean Ministry of Strategy and Finance and Financial Service Commissions are still banned from trading or holding Bitcoin, or any other cryptocurrencies like Ethereum. It is to make sure that there is no conflict of interest and to prevent insider trading that has occurred in late 2017.

This new law of South Korean government officials to prohibit in investing or holding cryptocurrency was made after several officials related to local Financial Services Commission was engaged in insider trading, by selling before the announcement of Justice Minister Sang-ki Park, who falsely claimed that the government officials would completely ban any kind of Bitcoin or Cryptocurrency tradings.

Since than, the Head of Justice Minister has soften his voice with strict bitcoin regulations and that it has decided to take proper approach towards its regulations to cryptocurrency market. It’s main concern was to protect its investors and businesses, so they don’t completely lose their life savings from reckless trading or from hacking.

The South Korea’s Free Trade Commission, Financial Services Commission and the Ministry of Strategy and Finance all agreed upon the decision of Personnel Innovation Department to ban all cryptocurrency and bitcoin trading within the governments so there is no more insider trading again in the future.