35% of South Koreans Oppose Government Regulation of Cryptocurrencies

A survey conducted by a popular online job portal in South Korea finds only a small proportion of the country's citizens agreeing that the government should take harsh measures against the cryptocurrency market.

South Korea set the cryptocurrency world ablaze a few days ago, with eyes all over the world following fervently the events that unfolded there.  The country’s government raided exchanges, and rumors of a cryptocurrency ban flooded Western news outlets.

The opinion of the wider public, however, appears to suggest a more “let’s take it easy” look at things.

A survey conducted by Incruit—a popular South Korean online job portal—concluded with 34.9% of its respondents coming out against any government moves to regulate the cryptocurrency market. Their argument is that this goes against the “flow of the high-tech industry”.

Only 21% of respondents emerged as ardent supporters of legislation to rein in what they perceive as a speculative bubble. The rest believe that the market will simply stabilize on its own, given enough time.

Of all the participants in the survey, more than half (61.5%) stated they had experience working with cryptocurrencies. Meanwhile, 9.5% said they wish to invest in the future even as their government attempts to regulate the market.

A few days ago, South Korean exchanges were raided by the government in a crackdown against money laundering and tax evasion.

The raids were a prelude to the implementation of a piece of legislation agreed upon by several ministers during an emergency meeting. These new rules force exchanges to require that their customers present proof of identity.

Prior to this, financial regulators in the country investigated banks that allowed corporate customers such as exchanges to open virtual accounts.

Although the market went through a major panic attack, it’s business as usual for the rest of the world. 

South Korean traders, however, remain without any clarity whether they would be able to do commerce with cryptocurrencies once the bureaucratic dust settles.