Korea Financial Supervisory Commission raises the level of crypto currency pressure.

The level of pressure on the crypto currency by financial authorities is expected to increase. Eun Sung-soo, chairman of the Korea Financial Supervisory Commission, mentioned that the unregistered crypto currency exchange marekt may be closed.

In a plenary session of the National Policy Committee held at the National Assembly on the 22nd, Financial Services Commission Chairman Eun Sung-soo said, "The stock market and capital market protect investors, but even those who enter crypto currency (investment) have different ideas in terms of protecting investors." He said. "Since it is an unacceptable currency and a virtual asset, I hope it will not be included in the system."

It is interpreted as an attempt to dispel concerns that the formalization of regulations could further encourage speculation or pose a threat to the existing financial market order. This is because recognizing the legal status of crypto currency could worsen overheated speculation as it is recognized as an official investment asset.

Chairman Eun did not believe that the vast transaction amount of crypto currency was the reason for investor protection. Rather, he pointed out that the government's stance of protecting virtual currency is encouraging speculation. As he continues to be tough on virtual currency, the implementation of the Specific Financial Transaction Information Act in September will likely cause many virtual currency exchanges to close.