South Korea Cracks Down on Cryptocurrencies

Bitcoin price enws ethereum Ripple cyrptocurrency Bonnie Cheung

The country has been trying to tame the heat recently and the South Korean government now believe this is the way to do it.

"There is no intention to ban or suppress cryptocurrency (market)", Kim said.

The selloff was prompted by reports that the U.S. Commodity Futures Trading Commission (CFTC) sent subpoenas to the bitcoin exchanges Bitfinex and Tether, and on the heels of continued reports that global regulators will be cracking down on bitcoin trading or banning it entirely, as proposed in South Korea.

In South Korea, only licensed banks and brokers can offer foreign exchange services. "South Korea, another very strong crypto market, was reportedly going to ban crypto trading completely, or at least introduce new sweeping regulations to the market". An official at Coinone, which is a cryptocurrency wallet told Reuters that the company was raided by the National Tax Service.

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As a measure to prevent money laundering, customers will be barred from purchasing WMP-issued gift certificates with virtual currency, which can be sold and traded for cash in offline markets. Beijing prohibited financial institutions from trading Bitcoin in December 2013 and closed down all cryptocurrency exchanges in September 2017. Bitcoin has plummeted and was valued at $10,624, whereas it was priced at $12,771 on January 16. China threatened to ban trading during the summer, but nothing ever came of the countries threats. More likely, there will be uncertain days ahead of us with further corrections to even new lows but a full recovery to old price levels in the next couple of months.

Though the market uncertainty may have negatively impacted investor confidence, John Matthews, CFO at Bitnation, thinks the cryptocurrency market crash did, in fact, push the industry to maturity.

Reinforcing Seoul's intent to tighten the screws on a market widely seen as opaque and risky by global policymakers, the country's customs earlier on Wednesday announced it had uncovered illegal cryptocurrency foreign exchange trading worth almost $600 million. Exchange rates, transfer fees, local liquidity issues and other problems are all on cryptocurrency's to-solve list, and numerous regulations needed to protect consumers today might not be necessary or applicable in a few years. Readers should do their own research before investing funds in any company.

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