The news broke about 30 minutes ago. The market is down about 15%.
If this is like previous news of the same type, the market overreacts. It seems likely that they are just going to add more regulations, and perhaps shut down some of the iffy exchanges.
If you are in the market for some coins, especially coins normally traded in Korea, they are on sale.
/EDIT I am told by a friend who works for a hedge fund and is in South Korea right now that this is all fake news.