South Korea government will not ban exchanges,we will only regulate it says finance minister

South Korea government will not ban exchanges,we will only regulate it says finance minister.
In a statement issued by south korea finance minister Kim Dong-yeon that the government has no plan to ban cryptocurrency exchanges.
Over the past week investors and crypto enthusiasts have been thrown into confusion and panic, with the fear that the south Korea government will ban cryptocurrencies and exchanges just as china effected such ban last year.
According to the reuters,The comment by Kim Dong-yeon on Wednesday comes as traders at home and around the world have been spooked by conflicting comments from government officials in South Korea, a major hub for cryptocurrency trade, that Seoul was planning to ban local digital coin exchanges.

“THERE IS NO INTENTION TO BAN OR SUPPRESS CRYPTOCURRENCY (MARKET),” SAYING THAT THE GOVERNMENT’S IMMEDIATE TASK IS TO REGULATE EXCHANGES.

This further Reinforce South Korea’s intent to strengthen the trust and drastically barricade the scams on the market widely seen as opaque and risky by global policymakers, the country’s customs earlier on Wednesday announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million.

“Customs service has been closely looking at illegal foreign exchange trading using cryptocurrency as part of the government’s task force,”

IT SAID.
SOUTH KOREA HAS BEEN AT THE FOREFRONT OF PUSHING FOR BROAD REGULATORY OVERSIGHT OF CRYPTOCURRENCY TRADING AS MANY LOCALS, INCLUDING STUDENTS AND HOUSEWIVES, JUMPED INTO A FRENZIED MARKET DESPITE WARNINGS FROM POLICY MAKERS AROUND THE WORLD OF A BUBBLE.

Also,In a public radio interview this month, the chairman of Korea’s economic competition regulator disputed the very notion of a ban, effectively stating it would be illegal for the government to enforce such measures.

Korea’s Fair Trade Commission chairman Kim Sang-Joo stated:

“SHUTTING DOWN CRYPTOCURRENCY EXCHANGES IS NOT REALISTICALLY POSSIBLE. BASED ON ELECTRONIC COMMERCE LAW, THE GOVERNMENT DOES NOT HAVE THE AUTHORITY TO CLOSE DOWN CRYPTOCURRENCY TRADING PLATFORMS.”

What do you thing of this recent development?