South Korea's Crackdown on Cryptocurrency Influences Drop in Bitcoin Price

Dec 29, 2017, 02:09
South Korea's Crackdown on Cryptocurrency Influences Drop in Bitcoin Price

Regulation will including a ban on opening anonymous accounts and new legislation to allow regulators to close virtual currency exchanges.

It noted that trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries, although it did not provide specific examples.

"Cryptocurrency speculation has been irrationally overheated in Korea", the South Korean government said in a statement reported by Bloomberg.

Further, the new laws will also empower regulators with the authority to shutter cryptocurrency exchanges, if needed, the government added.

The Korean government announced on Thursday that it will tighten regulation on Bitcoin and other cryptocurrency trading to tamper the excessive volatility in the market triggered by chaotic investing, Reuters reported.

The government's ban on using anonymous accounts, effectively a mandate that exchange providers perform know-your-customer (KYC) due diligence, is seen as the latest move to curb the trading activity around cryptocurrencies in the country.

Minister Hong Nam-kisaid the government "can't let this abnormal situation of speculation go on any longer", speaking after a meeting of vice ministers from related ministries.

Earlier in December, South Korean officials reportedly banned local finance firms from handling bitcoin futures, one of the hottest new financial products to launch in years.

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