South Korean Government Official Who Worked on Cryptocurrency Regulations Found Dead at Home

Jung Ki-joon, a South Korean government official, was found dead at his home on Sunday.

Jung, 52, was the head of economic policy coordination at the Office for Government Policy Coordination and had taken up the responsibility to coordinate cryptocurrency regulation efforts in November 2017.

According to a report by the Wall Street Journal, the cause of death for Jung was unknown, but the police are presuming that his death was caused by a heart attack during his sleep.

As per local news, sources close to Jung mentioned that he had been under “heavy stress” ever since he started heading his team to devise cryptocurrency regulations to be followed in the country.

The sources did not come public with their identities or mention any particular stance of witnessing any significant issues with Jung’s health; however, the level of stress that could have come with Jung’s responsibilities cannot be denied, as South Korea is one of the world’s largest markets when it comes to cryptocurrencies, and had been functioning without any regulations until the last week of January 2018, when an initial set of regulations was implemented for cryptocurrency trading.

Jung had been spearheading the coordination of comments and opinions from various ministers and regulatory authorities along with other stakeholders and was one of the key members of the team that helped shape the regulations that were passed in January to end the anonymity of cryptocurrency transactions in South Korea.

The police department is currently investigating the cause of Jung’s death and is reportedly going to have it available in a few days’ time by the coroner’s office.

The sad news came around another significant piece of news about cryptocurrencies

About a day after the death of Jung, it was mentioned by Choe Heung-sik, an official from the Financial Supervisory Service (FSS), that instead of banning cryptocurrency transactions, the country will support them under regulatory measures.

Those regulatory measures include a set of regulations that end any trading activities which could be performed without track of ownership.

According to the government, this is being done to eradicate any possibility of money laundering activities.

The regulations, which went into effect in January 2018, asked for cryptocurrency trading to only be performed through “real name” accounts that will be traceable to the individuals that carried out those transactions.

Speaking about the country’s current stance which also transcends into the near future, Choe had mentioned that the country would continue supporting “normal transactions” when it comes to cryptocurrencies.

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By | 2018-02-23T03:50:36+00:00 February 23rd, 2018|Cryptocurrency News|0 Comments

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