Based on the latest reports from Reuters, South Korea has stated that it will soon decide on the direction it wishes to take in terms of the regulation of cryptocurrency exchanges within the country.

When asked by a member of parliament to expand on the future regulations to be placed on cryptocurrency exchanges, at a national policy committee meeting held on January 18th, head of South Korea's Financial Services Commission, Choi Jong-ku, said that the government was currently considering closing down every virtual currency exchange now operating in the country. He also said that the government was considering whether to reserve closures for companies that had been violating the law.

According to a statement from the minister of the Office for Government Policy Co-Ordination, Hong Nam-ki, meetings are to be held this week in which government officials will discuss the potential measures to be taken in order to regulate the crypto trading market.

In addition, the central bank of South Korea also made suggestions on how to tackle the unregulated market of cryptocurrency. The Governor of the Bank of Korea, Lee Ju-yeol, announced that the bank was looking into potentially creating its own cryptocurrency, stating that the bank was viewing crypto from a "long-term standpoint".