South Korea Still Allows Crypto Trading, After Thorough KYC

12 January, 2018, 03:33 | Author: Julian Harrison
  • Bitcoin plummets as South Korea confirms cryptocurrency crackdown

"There are great concerns regarding virtual currencies", explained justice minister Park Sang-ki, at a news conference attended by Reuters.

Bitcoin and other digital currencies are trading at a 30% premium in South Korea, while the Justice Minister's comments plunged prices nearly 20%. China moved to shut down exchanges within its borders and crack down on crypto-mining companies, while Vietnam implemented a total ban on crypto-based payments.

But a cryptocurrency analyst said he was "sceptical" that the justice ministry' proposal would go into force because of strong market resistance.

A survey conducted by the Income Tax Department has revealed that there are six lakh active traders of cryptocurrencies such as Bitcoin in nine digital currency exchanges across India, while 25 lakh people are registered to trade, The Indian Express reported on Thursday.

The news likely caused a price correction of most major cryptocurrencies, including Bitcoin, which is down 2.27 percent in the last 24 hours, and Ethereum, which is down 9.77 percent according to CoinMarketCap.

Cryptocurrency-related stocks and the virtual coin market suffered more heavy losses shortly after the government announced the plan to potentially ban trading of virtual coins.




On Thursday, January 11, 2018, reports from South Korea indicated that some of the nation's authorities are planning a ban on cryptocurrency trading in the country.

Investors and exchanges in South Korea were bracing themselves for what may amount to a government-issued ban on cryptocurrency trading; but conflicting reports from different parts of the government are now surfacing, leaving the global community rocking on its heels.

Under the measure, only real-name bank accounts and matching accounts at cryptocurrency exchanges can be used for deposits and withdrawals, while the issuance of new virtual accounts to cryptocurrency exchanges will be banned. Ripple trimmed its 21% tumble to a 14% drop, while ethereum slumped 5%.

He added that it was a misleading idea that virtual currency trades contribute to the development of blockchain technology.

An unidentified spokesman told the Financial Times: "They asked for some data such as cryptocurrency trading volume, our exchange's sales and whether we are paying corporate tax well".

"The National Tax Service raided our office this week", an official at Coinone told Reuters. The Silk Road's creator, Ross Ulbricht, is now serving a life sentence in prison without parole; it is this side of bitcoin which has earned it a reputation and created an uneasy relationship with regulators the world over.

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