The official who was working for the Korean government was found dead on Sunday morning. His mysterious death has raised questions and concerns and an investigation has been started.
Jung Ki-joon was a 52-year-old government official working as the head of the Economic Policy Coordination Office in South Korea, and he had recently been leading Korea’s attempts to regulate the cryptocurrency market. He was found by his family in his home on Sunday and is assumed to have died sometime during Saturday evening.
According to the people he worked with, the cryptocurrency situation had created a lot of work and Ki-joon had been under heavy pressure lately, which is why his death is assumed to have been a naturally caused heart attack. However, considering his young age and the fact that he is clamping down on multiple billion dollar businesses within the country, concerns have been raised that someone might be involved in Ki-joon’s death.
Naturally, nothing is certain and we won’t know what actually happened until the autopsy is finished.
Cryptocurrency Regulation in Korea
Korea has had one of the largest and most booming cryptocurrency markets in the world and several of the world’s leading exchanges with the highest trading volumes are operated from within the country. This has, of course, led to greater issues related to safety and during the last few years, several Korean exchanges have been hacked. Additionally, due to the immense interest in trading cryptocurrencies, Korean exchanges have been known to offer inflated prices on most cryptocurrencies.
These are the two major reasons why Korea has started a massive undertaking of regulating the cryptocurrency market. Since the project is still ongoing, it is unclear of how the actual regulation will look in its final state but we do know that the government is tightening the ropes around exchanges. Some of the new regulations include a ban on anonymous trading accounts, tax requirements, and laws that force exchanges to report revenue, users numbers, and trading volumes directly to the government.
We want to add that regulation is expected when new markets arise and Korea is not alone in working on creating new guidelines. The US, Russia, and the European Union are all working on finding a solution as well, and by the looks of it, global regulation will be a hot topic at this year’s G20 Summit.