South Korean officials are now not allowed to trade cryptocurrency

The abrupt scandal connected with insider cryptocurrency trading by the South Korean officials before the announcement of the Justice Minister on possible restrictions of the sphere led to the new recommendations for all South Korean governmental employees.

The local media tells about the special notice issued for civil servants. This announcement refers to the recommendation of the personnel department that civil servants should better not to trade digital currencies even if they work, say, on ecology issues or other non-cryptocurrency and non-financial matters. Any violators can be punished, tells the paper. The exact punishment is not specified.

This notice, while not being an official law, is an instruction that will at least improve the reputation of the South Korean officials after the South Korean FSS (Financial Supervisory Service) confirmed that some of them were indeed involved in insider trading.

And by the way, that tightening of regulations has happened, but it was not even close to what the Justice Minister initially suggested. One can find more on this story of how active citizens of South Korea clashed with the government on cryptocurrency regulation issue in older reports on Bitnewstoday.