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Public officials in South Korea Banned From Trading and Holding Cryptocurrencies

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Reportedly, all South Korean government officials will no longer be able to speculate, trade or hold any cryptocurrency. This comes with the recent move by the South Korean government that was reported on March 1st by Maeli Business in what is considered to be the government’s first ever official ban on cryptocurrencies.

All South Korean Civil Servants Subjected to New Obligations

The South Korean Ministry of Personnel Management further indicated in its document that any of the government officials found in violation of the “forbearance obligations under the civil servants’ law” especially when the activities happen during working hours, will be subjected to disciplinary actions.

Furthermore, the document by the South Korean government (titled “Virtual currency holdings and transaction-related information for civil servants”) further stated that the new legal obligation will apply to all government ministries, even in cases where there is zero job relevance. According to the document, all ministries will discipline civil servants who violate the new rule in any way.

South Korea: The World’s Largest Crypto Market?

Well, considering the fact that South Korean market has had quite the influence on crypto market movements, there is growing anxiety of the effects of this recent move by the South Korean government. Last year alone, the crypto market saw increased volatility and confusion with the news of a rumored total ban on cryptocurrencies in the entire country. As a result, the market plummeted then later recovered with confirmation from the government that no such ban was planned.

However, even with the uncertainties that currently exist in the South Korean market, Maeli Business also reported that top government regulatory bodies such as the Financial Services Commission (FSC) has already issued warnings to its employees to steer clear of cryptocurrency investing.

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What do you think the effect of this will be in the global cryptocurrency market? Share your thoughts and comments with us.

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