South Korea is the biggest Cryptocurrency market. Most of the Cryptocurrency trades are done from South Korea, Japan and USA. Recently, South Korea is becomes critical on Cryptocurrency. Just a few months back, It was rumored that South Korea is going to ban Cryptocurrency and Cryptocurrency exchange. As a results whole Cryptocurrency market plunge to a new low.
South Korean Crypto community was dissatisfied. Government officials had to come forward and clarifies the issue of Cryptocurrency banning. President spokesperson said that they are not going to ban Cryptocurrency. Moreover, They will encourage and help the devlopment of blockchain technology. But they will prevent any attempt to manipulate and doing illegal activities through Cryptocurrency.
After that government regulatory agency are quite active to implement new rules and regulations. In a sense, It is quite good for the community. Cryptocurrency hacking is a common incidence. Government is trying to prevent the incidence. Recently, A South Korean regulator has ordered 12 of the country's cryptocurrency exchanges to revise their user agreements.
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I am amazed that the cryptocurrency market still responds so strongly to threats of government regulation/bans. China "banned" bitcoin many times, each time causing a temporary correction in the market. I believe that efforts by any one country to ban cryptocurrency cannot be enforced, due to the decentralized and international nature of the currency. Only international cooperation would have any hope of impacting the market, and even then would be difficult to enforce, short of shutting down the internet.
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