In the constant to-ing and fro-ing of South Korea's cryptocurrency markets, tonight is potentially downward pressure as Bloomberg reports that South Korea's Justice Ministry is preparing a Crypto-exchange Shutdown bill.
For now only Ripple appears to be affected by the headlines...and Ethereum is pushing back towards record highs.
As Bloomberg reports, South Korea’s Justice Ministry will begin discussions with other ministries as early as this week after preparing its own bill proposal on shutdown of cryptocurrency exchanges, SBS TV reports on its website, citing an unidentified government official.
There would be time for investors to get out of the market during bill legislation process if Justice Ministry’s proposal becomes government’s plan.
Justice Ministry said that there is no reason to hesitate on regulation as bubble in cryptocurrency can burst in 1-2 years, SBS reports, citing the ministry’s internal report it obtained.
Of course, we already have a test case for crypto-exchange shutdowns. Since China killed its exchange-based market, prices have skyrocketed and trading has simply moved to decentralized 'local' platforms.