No Authority to Close Exchanges
South Korean Fair Trade Commission (KFC) does not have the right to shut down the Cryptocarrency exchanges. The chairman of KFTC said, "It is really impossible" for the alleged violation of e-commerce law, the agency is currently investigating the 13 major exchanges operating in the country.
According to the local media, KFC is currently investigating 13 key cryptocurrency exchanges for alleged violation of South Korean Electronic Commerce Law, including Bithamb, Konon and Corbit.
, KFC chairman Kim Sang-Zu said on Wednesday that "e-commerce law does not have the right to shut down the virtual currency exchange," and said "it is impossible in reality." In an interview on CBS Radio, he explained in detail:
"We do not have the right to down the virtual exchange exchanges ... it is a clear fact that there is no proper legal provision in this regard."
When asked whether other ministries could ban or shut down the cryptocurrency exchanges, Kim insisted, "Cryptocurrency has emerged recently and other laws do not have the exact legal provisions related to closing the exchanges."
Apart from this, Kim has commented that Justice Minister Park Sang-ke recently said about being a form of gambling about the cryptocarcarious business, which states:
"I do not agree with the attitude of Justice Minister Park Sang-k, who said, 'Cryptokurization is investment gambling'."
Voluntary improvement or excessive measure
Kim said on Wednesday that many illegal activities have been discovered during the investigation.
For exchanges in violation of the law, "I will inform them and make the appropriate arrangements." To resolve the situation, "In particular, we will call for at least voluntary reforms in the first half of the year," he said. However, if problems persist, FTC will seek more direct reforms through legislative amendments in the second half of the year. "
the meantime, Cryptocarjes in the crypto market are discussing other regulatory alternative measures to prevent speculation and an urgent action in illegal activities, Yonhap said. According to the Financial Services Commission (FSC), "The government is reviewing both the options, which have done illegal acts, to close the virtual currency exchange or to close only those exchanges," the news outlet said.
"We are doing whatever we can within the framework of the current law," KSSSON quoted on Thursday, the head of the Office of Policy Coordination, Hong Nam-K.
@originalworks
You know they are trying HARD to find ways to stop the crypto-currency exchange. All the banks want to CONTROL currencies that we use -- how do they control people without controlling the currency? They probably have whole departments of people doing nothing but trying to figure out how they can either 1. get a piece of the pie in crypto 2. control it. They already know they can't shut it down.
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