The Korean government's financial watchdog also said it was considering expanding current trade regulations to include virtual currency. However, this extension should also have a legal basis. These regulations include confirmation of the identity of investors, declaration of operating income, supply of electronic wallet codes for money laundering prevention and control.
The introduction of more regulations will help the virtual currency market in the country reduce the fraud. South Korea, despite being known as one of the world's largest virtual currency trading countries, is suffering a lot from investors here.