According to the Ministry of Justice on Monday, plans are being considered by the government to launch a task force to more strictly regulate trades of cryptocurrency. (Image: Kobiz Media)
SEOUL, Dec. 5 (Korea Bizwire) – The government is mulling plans to launch a task force dedicated to dealing with issues related to cryptocurrencies such as Bitcoin speculation and hacking attacks against cryptocurrency exchanges.
According to the Ministry of Justice on Monday, plans are being considered by the government to launch a task force to more strictly regulate trades of cryptocurrency.
A meeting was held for the first time on Monday between a number of government branches where an agreement was reached to form a special task to collectively deal with some of the issues facing cryptocurrencies.
It was also learned that the joint task force will be led by the Ministry of Justice, and multiple government branches will together draft regulatory measures after holding joint discussions.
The government branches on board with the new cryptocurrency task force include the Office for Government Policy Coordination, the Ministry of Strategy and Finance, the Ministry of Justice, the Financial Services Commission, the Fair Trade Commission, the Korea Communications Commission, the National Tax Service, and the National Police Agency.
The Bank of Korea, the Financial Supervisory Service, and the Korea Internet & Security Agency are also expected to participate in the discussion process.
Reports from last month showed malicious code targeting cryptocurrencies is increasing at an alarming rate in South Korea.
According to Korea Internet & Security Agency (KISA), over 5,000 cases of damaging ransomware attacks were reported between January and September of this year.
Hyunsu Yim (hyunsu@koreabizwire.com)
