South Korea said on Wednesday it will take firm action against illegal and unfair acts in cryptocurrency trading after a 280,000 signature petition was sent to the presidential Blue House.
The petition was made after the justice minister said in January that the government may shut down cryptocurrency exchanges. It demanded that the government never impose unreasonable regulation on virtual currency trading.
The government has to produce an official response within a month for a petition that gathers more than 200,000 signatures.
South Korea, which has become a cryptocurrency trading hub after a market frenzy that attracted even housewives and students, has already imposed some regulations on cryptocurrency trading.
It banned the use of anonymous bank accounts for virtual coin trading as of January 30, but said it does not intend to go as far as shutting down domestic exchanges.
South Korea will also develop ways to tax virtual currencies, led by the finance ministry, and should announce measures within the first half of the year to develop the blockchain industry, Hong added.