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frozenmail.net February 19, 2018


Bitcoin Plunges as South Korea Tightens Restrictions

25 January 2018, 02:16 | Virginia Santiago

North Korean hackers stole funds from South Korean cryptocurrency exchanges

South Korea Progressing on Road to Cryptocurrency Regulation

In today's trading, the Bitcoin price stood at $11,103.90, as of 11:57 GMT. Some of the more recent regulatory pressure can be linked to South Korea.

Many believe these declines can be attributed to fears over regulation. There will be some certain regulation, but clearly not a ban on cryptocurrencies. Prior to these measures, currency exchanges issued encrypted virtual accounts to investors for trading.

The moves follow warnings by South Korean authorities that they might ban anonymous trading in crypto currencies and crack down on speculative trading. Apparently Indian tax officials collected data from nine cryptocurrency exchanges in Pune, Bengaluru, Mumbai, and Delhi, and they found - SURPRISE - one whole heck of a lot of electronic value was trading hands in a big way. For example, now the price of Ethereum on western exchanges is around $1080, while on South Korean exchanges the price is $1230, a 13% premium.

Additionally - historically, the cryptocurrency markets have always underperformed in January, partly due to the Chinese new year, when many people will withdraw money from the crypto exchanges to send to friends/family domestically or overseas. This meant that the increasingly popular cryptocurrency overtook litecoin (LTC) to become the world's sixth-largest cryptocurrency with a market capitalisation of US$10.2 billion.

The South Korean government said Monday it will collect up to 24.2% of corporate and local income taxes from the country's digital currency exchanges this year, according to an English-language report from the local. They will not be allowed to trade digital currencies unless the names on their bank accounts matches the account name in cryptocurrency exchanges, even if they have existing virtual accounts. The FSC said in the release that the new rule is resulted from an inspection of domestic anonymous crypto trading accounts - assisted by six domestic banks, as well as the Financial Intelligence Unit - from January 8-16.

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In September 2017, the Chinese government imposed a ban on initial coin offerings (ICOs), contributing to a slowdown in the market.

Clear taxation laws for exchanges might be an important part of spurring cryptocurrency's broader acceptance.

Earlier this month, South Korea said it was considering a complete ban on trading bitcoins.

According to Bloomberg political coverage from December, Italy's finance minister is also interested in crypto regulation. The six include Shinhan Bank, NH Bank and the Industrial Bank of Korea. The bad news is that it won't necessarily be the free and open market it is in most countries in the world.



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