All South Korean Government Officials Banned From Crypto Trading

Mar 07, 2018 at 9:49

In a landmark decision, the South Korean government banned its own officials from holding and trading cryptocurrency.

According to Maeil Business, the country’s Ministry of Personnel Management issued a document stating that officials who are found to be involved in cryptocurrency trading are “in violation of the prohibition of forbearance obligations under the civil servants’ law” and are subject to disciplinary actions, especially if the banned activities occur during work hours.

The agency’s statement also explained that the ban will be applied to all government ministries and that each ministry will be responsible for pursuing disciplinary response it deems appropriate to erring officials.

Shift in the government’s policies toward cryptocurrencies in South Korea has been very active recently especially that the country is now considered the world’s largest market for cryptocurrencies after the United States and Japan.

Last December, crypto markets reacted to confusion on the rumored full ban on cryptocurrencies in the country but the South Korean government later on confirmed that it had no intention to suppress cryptocurrency trading.

Furthermore, Maeil Business expressed that several government agencies in South Korea including the Financial Services Commission, the Fair Trade Commission, and the head of the Office for Government Policy Coordination Hong Nam-ki, already warned their employees to abstain from cryptocurrency investments way back.

It can be recalled that last January, South Korean officials from the Financial Supervisory Service were accused of insider cryptocurrency trading, an issue that was confirmed by the agency’s chief, Choi Hyung-sik to be true.