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South Korea is continuing to tighten its grip on the crypto market

by | 23 Jan, 2018

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Is South Korea’s government the worlds toughest in terms of crypto regulation?

Bitcoin prices are once again coming under sustained pressure, after news surfaced that the crackdown on cryptos in South Korea was picking up steam.

The country is banning the use of anonymous bank accounts to make cryptocurrency transactions, in  a move that is designed to prevent virtual currencies being used for crime like money laundering – an issue that the Korean government has flagged on multiple occasions in the past. It even extended investigations into 6 major commercial banks in an effort to address the issue.

Bitcoin/USD touched $9,988.82 at its lowest thus far today, having stood at $12,989.13 Saturday. It has halved in value since mid-December.

The new policy will come into effect on January 30th, and will mean holders of anonymous cryptocurrency wallets must now link them to bank accounts in their own name, and have their identities confirmed.

The new rules will go some way to undermining one of the core premises of cryptocurrencies – providing anonymity to those who use them in transactions.

Underage investors (with the cutoff being 19) and foreigners will also be banned from opening cryptocurrency accounts in the country, with even harsher measures being considered in future. On January 11th, the government announced a bill was being prepared to ban digital currencies being traded through exchanges all together, sparking a large price dip.

Crypto prices are affected by further regulation in the country because South Korea is both home to the most active cryptocurrency exchange on the planet, and is also the world’s third-largest market for Bitcoin trading, while also being responsible for 35 to 40 per cent of global Ethereum trading.

Related: South Korea weighs further crackdowns on the crypto space

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Investors who were bearish on the coin are seeing their hopes come true

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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