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21  Bitcoin / Press / [2018-03-13]Japan to Call for G20 Action on Crypto Money Laundering on: March 13, 2018, 09:35:28 PM
Japan to Call for G20 Action on Crypto Money Laundering

Japan is reportedly planning to use a G20 meeting next week to call for combined regulatory efforts to combat the use of cryptocurrencies in money laundering.

The news comes via a Reuters report citing a government official with knowledge of the situation. However, the likelihood of the G20 finance chiefs uniting on new international rules are not high, the official said, as different countries approach regulation of cryptocurrencies in a variety of ways.

"The general feeling among the G20 members is that applying too stringent regulations won't be good," an official was quoted as saying.

The G20 meeting will take place in Buenos Aires from March 19-20.

If Japan makes the call for cooperative action on cryptocurrencies, the nation will likely not be alone.

On Feb. 9, senior officials from France and Germany also called for the G20 group to discuss combined action on cryptocurrencies.

In a letter to the Argentinian government - which currently holds the presidency of the G20 - French finance minister Bruno Le Maire, German finance minister Peter Altmaier, and the heads of their respective central banks, expressed concerns about the risk of cryptocurrencies for investors.

A week earlier, U.S. Treasury Secretary Steven Mnuchin also indicated he would raise the subject of cryptocurrency regulation during an upcoming G20 summit. Like Japan, he raised the issue of cryptocurrency use in money laundering and other illicit activities.
22  Bitcoin / Press / [2018-02-20]S. Korean Gov’t Official In Charge Of Crypto Regulations Found Dead on: February 20, 2018, 12:41:21 PM

S. Korean Gov’t Official In Charge Of Crypto Regulations Found Dead Of Heart Attack

A ranking official in South Korea who has been developing policy measures against cryptocurrency speculation was found dead at his home in Seoul, the Wall Street Journal (WSJ) reported Feb. 19.

The WSJ reports the official was Jung Ki-joon, the 52 year old head of economic policy at the Office for Government Policy Coordination. Ki-joon was reported to have died of a heart attack while sleeping on Sunday Feb. 18.

In November, 2017 South Korea’s government started weekly meetings of vice ministers to regulate cryptocurrency operations. The deceased official was in charge of integrating opinions of different ministries and offices for meetings headed by Hong Nam-ki, minister of the Office for Government Policy Coordination.

The official’s colleagues noted that he had been under extreme pressure over the last year due to holding a stressful post in charge of regulations development against cryptocurrency speculation.

The police have launched an investigation into the sudden death of the official, though it was described as natural.

South Korea, the world’s largest market for cryptocurrencies, has experienced a lot of confusion regarding cryptocurrency policy. On Jan. 11, the Ministry of Justice proposed a cryptocurrency trading ban, which was subsequently misinterpreted by some media as the announcement of an effective ban. The South Korean Ministry of Strategy and Finance later reported that it did not agree with the proposal.

On Feb. 14, the government of South Korea responded to an online petition against crypto regulations. In a released statement, Hong Nam-ki declared that there would be no cryptocurrency trading ban. However, he emphasized that “the government is still divided with many opinions ranging from an outright ban on cryptocurrency trading to bringing the institutions that handle the currency into the system.”


I was shocked to read this news. Maybe the guy was really under heavy stress since to come up with regulations that contributed to his demise. I'm not blaming anyone or even the Government, but since South Korea, together with Japan took and carry the torch from China, they want to put up something that is a win-win for both the government and their citizens.

Rest in peace.
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