Kim Sang-jo, Chairman of the South Korean Fair Trade Commission (FTC), commented that closing down local cryptocurrency exchanges was impossible and unrealistic. These comments were in contrast to the proposal put forth a few days ago by Justice Minister Park Sang-ki which sent the worldwide cryptocurrency market into turmoil.
“It is a clear reality that there is no applicable legislation [to ban cryptocurrency exchanges],” said Kim Sang-jo, on a local radio show interview on Thursday.
He further added that, “[closure of cryptocurrency exchanges] was an unrealistic possibility.”
- Invest in crypto – https://goo.gl/nZoHvo, https://goo.gl/h2s8YA or https://goo.gl/k1jplg
- Make a cryptocurrency wallet – https://bit.ly/304BqkW or https://goo.gl/uiATb9
- Bitcoin Romania – https://goo.gl/Jco1bj
- Exchange – https://goo.gl/zu6s17, https://goo.gl/Qr1D7Y or https://goo.gl/qoHJV7
The FTC is investigating whether cryptocurrency exchanges have been in violation of electronic commerce laws set forth by the FTC regarding abiding by terms of service, unfairly restricting customer withdrawals, etc.
“The results of the investigation into possible e-commerce violations are to be out shortly, but any violation of the electronic commerce laws is not enough in itself to legally force the closure of cryptocurrency exchanges,” said Kim.
He stressed that if there were any illegal activities in the space, the government should regulate accordingly.
“The actual amount of money being invested into cryptocurrencies is not stable enough to be properly labeled as speculation,” said Kim.
To an economist, Kim added that it goes against free market principles to intervene in the market with heavy-handed regulations and that the investor is himself or herself responsible for their own investments.
[Blockchain News Korea Albert Kim]
[Twitter: @BlockNewsKorea]
| Rank | Site | Location +currency | Buy with… |
Score |
|---|---|---|---|---|
| 1 |  |
London, UK
USD
|
CFD
+ bank transf.
+ card
+ paypal
+ webmoney
|
9.85 |
| 2 |  |
San Fran, USA
USD EUR GBP
|
+ bank transf.
|
9.80 |
| 3 |  |
Limassol, Cyprus
USD EUR
|
CFD
+ bank transf.
+ card
|
9.75 |
| 4 |  |
local
all currencies
|
+ paypal
+ bank transf.
|
9.55 |
| 5 |  |
London, UK
USD EUR GBP RUB
|
+ bank transf.
+ Ethereum
|
9.50 |
| 6 | 
cryptocurrency exchange
|
Prague, Czech Rep.
35+ crypto pairs
|
 CRYPTO- CURRENCY + credit card
|
8.65 |
| 8 | 
cryptocurrency exchange
|
Shanghai, China
30+ crypto pairs
|
CRYPTO- CURRENCY |
8.60 |
| 9 | 
cryptocurrency exchange
|
Copenhagen, Denmark
25+ crypto pairs
|
CRYPTO- CURRENCY |
8.30 |
Past performance is not an indication of future results. Also, leveraged products can carry a high degree of risk. eToro offers protective measures to manage risk effectively, but in rare occasions it is possible to lose more money than invested.
This content is for information and educational purposes only and should not be considered investment advice nor portfolio management.