Home Column South Korea to Ban Officials for Crypto Trading

South Korea to Ban Officials for Crypto Trading

by default1
  • Civil servants banned for crypto-trading
  • Officials at all government ministries also banned
  • (Next Targets.. ?)

South Korea has banned its officials(civil servants) for holding and trading cryptocurrency, according to the media reports.
The Ministry of Personnel Management issued a document “Virtual currency holdings and transaction-related information for civil servants” stating that officials  involved in cryptocurrency trading are subject to disciplinary actions, especially if the banned activities occur during working hours.
The banning will be applied to all government ministries.
South Korea’s Financial Services Commission (FSC) and Fair Trade Commission, had previously warned their employees to abstain from cryptocurrency investments, according to local media reports.
South Korean officials from the Financial Supervisory Service (FSS)  were accused of insider cryptocurrency trading in this January.
Ministry of National Defense (NMD) was also reported, in early this year, as  planning specific regulatory measures for people in the military facility to refrain from the cryptocurrency trading, as it could harm soldiers’ morale.
The government’s position on cryptocurrencies has been still unclear in South Korea, though the government confirmed that it had no intention of banning the  cryptocurrency trading.