South Korea’s Office for Government Policy Coordination issued a statement today (Jan. 15) suggesting that a cryptoasset crackdown in the country will not necessarily come imminently.

That would come as relief to the bitcoin-mad country. “The proposed shutdown of exchanges that the justice minister recently mentioned is one of the measures suggested by the justice ministry to curb speculation.

A governmentwide decision will be made in the future after sufficient consultation and coordination of opinions,” the office said in a statement. The office’s remarks backtrack from recent measures taken by the government, which signalled a clampdown on cryptocurrency trading would arrive shortly.

On Jan. 11 police raided the offices of Coinone and Bithumb, two of the country’s largest cryptocurrency exchanges on suspicions of tax evasion.

That same day, justice minister Park Sang-ki said that the government was preparing a bill that would ban trading on domestic cryptoasset exchanges. South Korea is a hotbed for bitcoin and other cryptocurrencies, and accounts for an estimated 20% of global bitcoin transactions. Read more from qz.com…

thumbnail courtesy of qz.com