Home News South Korea to Enforce Stricter Regulations On Crypto Mining Chips Imports

South Korea to Enforce Stricter Regulations On Crypto Mining Chips Imports

April 19, 2018 15:47
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Although South Korea, is remarkably easy going about trading cryptocurrencies, it has drawn a line in the sand regarding import of cryptocurrency mining chips.

According to a news report published in a local daily, the Customs department in South Korea announced that virtual currency mining equipment, among other electronic goods.

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The rationale behind curbing the import of mining chips was because, “The virtual currency digger has high electricity consumption and high heat discharge, so there is a high possibility of fire.

The report added that in November and December of last year, the Korea Customs Service (KCS) discovered 454 virtual monetary diggers with an estimated value of KRW 1.3 billion. The measure will be reviewed once again by the Korea Customs Service whether the imported virtual currency digger was certified by the National Institute of Radiological Research.”

This move comes at a time when private and public sectors in South Korea have allegedly stopped illegally mining cryptocurrencies in public areas due to concerns pertaining to high consumption of electricity and fires breaking out.

According to a notification issued by the Korean Custom Services, cryptocurrency mining equipment have been added to the current list requiring legal prerequisites for import such as sanitation and safety requirements.

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